Fuel crisis artificial

Whatever the compulsions and reasons, it lacked economic sense that none other than the Finance Minister himself would have spoken of a price hike before it actually came into effect. It appears that the announcement sparked off speculations and stockpiling of the highly sensitive commodity resulting in an artificial fuel crisis in certain parts of the country. Reports suggest that the northern region has run out of fuel reserve, a clear sign of hoarding by sellers.

Now, this is an issue that has a huge impact on the lives of people and can unsettle vital sectors like power generation, agriculture, industries and, of course, communications. But the Finance Minister has seen through a number of fuel price hikes in recent times, and he is in the best position to have handled the matter judiciously without affecting market behaviour.

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The rationale behind making the announcement is really obscure. There is no reason why he could not have gauged the possible implications of it, particularly when the market is susceptible to manipulation and exploitation. A section of traders and businessmen actually pounce on any opportunity to make undue profits. Obviously, the report that six fuel carrying vessels were stuck at a place in Bera upazila does indicate that things were also going wrong as far as transportation of fuel was concerned. That's why the need was even greater for exercising discretion. There was every reason not to allow the market to turn volatile?