Editorial
Fall in fuel prices welcome
Monitoring needed to let benefits permeate all levels
Rare have been the instances where fuel prices have gone down in Bangladesh. But now that fuel prices have been slashed by anywhere between 10 and 13 per cent, we certainly appreciate the move. We do realise, of course, that such a reduction in the prices of fuel, having consistently gone up in the last few years, has come about owing to a decline in fuel prices worldwide. It can certainly be argued that the decrease in fuel prices here does not quite match the fall in prices at the international level. Even so, the decision to reduce fuel prices is appreciable and we hope it will set a precedent for the future.
As we understand it, there will be a regular review of fuel prices every three months. That is clearly a good decision and care should be taken that it is followed through instead of the idea simply fading away. The focus of such a review must be the promotion of a consumer-friendly price readjustment policy. Nothing should be done that ignores global trends in fuel production and sales and no room should be there for consumers in Bangladesh to feel that their interests are being undermined. In this context, it has to be said that the reduction of fuel prices should now lead to a lessening of transport costs for commuters. A new basis of how far the transport fares will have to be decreased has been made available. Its implementation will have to be ensured now. One beneficial aspect of the reduction in fuel prices is that it will provide relief in the matter of agricultural or irrigation inputs through a lessening of costs. Briefly, therefore, the idea is that the benefits that accrue from a fall in fuel prices should percolate down to consumers. It will be the government's responsibility to see that such an outcome is ensured.
One last word. In a society such as ours, even a logical price adjustment could lead to some temporary problems. On the first day when the new prices were to take effect, a number of fuel stations remained conspicuously closed, leading to suspicions that the decline in prices may not have gone down well with their management. If that is true, it would be most unfortunate. The bottomline is simple: let the authorities ensure that the new prices are implemented without any delay.
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