Bangladesh Energy Regulatory Commission of late proposed new gas prices at BDT 18.03 per cubic feet, which is a whopping 132 percent on the current price.
This has left the garment manufacturers in Bangladesh worried as their units run on the gas supply.
The Bangladesh garment industry has raised the voice against the gas price hike while saying that the move will affect the garment industry badly.
The country’s apparel trade associations Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Textile Mills Association (BTMA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) also held a press conference in the national capital Dhaka, to highlight their concern.
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BGMEA President Siddiqur Rahman reportedly stated that the price hike would increase the production cost in the Bangladesh garment industry by at least 5 percent.
Siddiqur added that the surge in prices would burden the apparel sector more after the recent minimum wage hike.
The BGMEA Chief also underlined that the apparel entrepreneurs in the country are already bearing the high interest rate.
The trade bodies have strongly demanded a waiver from the proposed gas price hike.
Bangladesh Textile Mills Association President Mohammad Ali Khokon was also present at the event. he termed the proposal completely illogical without guaranteeing uninterrupted gas supply.
Current BKMEA President Mansoor Ahmed reportedly warned that if the garment industry struggles more, this will hamper the overall development of the country..
Markedly, the garment industry in Bangladesh is the biggest foreign currency generator for the country. The sector contributed over 80 percent to the country overall exports.