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Bank & Finance - March 2, 2024

Inflation to be terrible for increased electricity price

Zarif Mahmud : Due to inefficiency and mismanagement, fuel prices are being increased again and again, noted economist and former governor of Bangladesh Bank Salehuddin Ahmed said that rental-quickrental electricity has caused great damage to the economy.
Media asked this analyst for his opinion on the decision that the government is going to take to increase the price of electricity. Dr. Salehuddin Ahmed said, ‘Fuel is a sector that affects everything. All industries big and small depend on energy.Even essential medicines are linked to fuel prices. Many factories pay crores of taka electricity bills per month. Even small businesses now pay electricity bills of Tk 10,000 to 15,000. The extra money for fuel has to be reconciled with the cost of production.
The market situation is already beyond the reach of people. If the price of gas and electricity increases, inflation will increase. Inflation has crossed ten. If the price of electricity increases, inflation will be terrible. Second, middlemen are the real beneficiaries of rising fuel prices. Various parties are involved here. A rental-quickrental plant was made on an urgent basis. Now many of them are closed. Even though it is running, fuel is being wasted.
Capacity charges have to be paid. Everyone knows them. It’s not a secret. Inefficient-mismanagement is the main problem of the energy sector. About rental-quickrental, he also said, “The government, after knowing everything, made arrangements for some people to get money easily through the energy sector.”This did not benefit the country.
Overall, it is not beneficial for business and common people.Rather, rental-quickrental electricity has caused great damage to the economy.Quick solutions do not bring good results in all cases.A country like Myanmar is ahead in electricity.Neighboring India is succeeding.Couldn’t find and use our gas properly either. Why are we sitting?I believe that policy and strategic mismanagement are mainly responsible for our electricity problems.Otherwise, there was no need to increase the price like this. Why is the government stuck in such mismanagement even after such inconsistencies?
In the analysis, the economist said, ‘Basically, the government no longer understands the people.The government does not feel the need to be accountable to the people.Our gas is of very high quality.Couldn’t confirm its use.You can’t question this.Even though the government has not adopted any policy on energy, it is making various laws to prevent criticism, issuing impunity ordinances.
This government has been in power for a long time.He could have adopted the right policy on fuel.By not doing that, they are holding the people hostage and increasing the price of gas and electricity.People have no choice.The government is doing whatever it wants.
The government is importing LNG, oil, coal to overcome the crisis.The crisis is increasing.There is no benefit in importing lumps at the base.The dollar crisis is caused by paying the high price of fuel.It is difficult to say what the dollar crisis will be in the future.The government did not think about alternatives.15 years is a long time for a government.
Pointing out that the government can be completely dependent on imports, he said, “The mismanagement that is producing electricity will one day be a thorn in the neck.”Then you have to go completely to import.And those from whom I will import, there is politics.This politics is not sustainable for Bangladesh.Putting politics on the economy does not bring any benefits.
In the region we live in, not everyone is in a place of cooperation.What ASEAN member countries Vietnam, Thailand, Laos can do, we cannot do that because of politics.This is a tragedy for us.’ “I have said before, if there is people and accountability, the energy sector should not be in this situation.Bangladesh government is importing coal from India’s Adani Group.Adani is controversial in India itself.Adani has promoted Narendra Modi more on the Gujarat model.Modi has given business to Adani.Everything is politics.We are victims of such politics.This is a sad event for us.’ said, Dr.Salehuddin Ahmed.

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