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BGMEA urges govt to rollback fuel price hike

15
Nov '11
Expressing grave concern over fuel price hike, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the Government to rollback the hike in the prices of diesel and furnace oil and bring back the prices at their previous levels.

BGMEA President M Shafiul Islam Mohiuddin said fuel price hike would shoot up the production and transportation costs for the readymade garment (RMG) industry and would directly affect its competency.

He informed that many export orders were already negotiated by the entrepreneurs prior to the hike in fuel prices and a rise in the fuel prices would make it difficult for them to carry on with their production activities.

In order to counter power shortage issue, the owners of RMG industries are making use of captive generators, which require diesel and furnace oil to run, Mr. Mohiuddin revealed.

He said the country's garment industry is already ailing as the rise in prices of raw inputs like cotton in global market, power and gas outages, infrastructure issues, rising tax at source, high bank interest rates and other issues are making it difficult for garment entrepreneurs to carry on their businesses.

In such a situation, it may not be possible for a number of entrepreneurs in the industry to stay in their business while facing international competition and achieve sustainable export growth, especially after the recent hike in fuel prices, the BGMEA President said.

Fibre2fashion News Desk - India


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