As a result, many businesses have shut down their production or are operating at partial capacity, which has also increased their bank liabilities, according to industry insiders.

In addition, revenue officials are harassing businesses by issuing demand notices in the name of collecting more revenue, even though these businesses are not currently operating, they added.

The leaders of the Bangladesh Textile Mills Association (BTMA), Bangladesh Steel Manufacturers Association, Bangladesh Cement Manufacturers Association, and Bangladesh Plastic Goods Manufacturers and Exporters Association made the decision at a joint meeting held at BTMA's Gulshan office.

In this meeting, the business leaders also urged the government to revert the gas tariff to its pre-hike level and resolve issues related to the US dollar to help the sector survive. They alleged that despite the gas price hike last year, along with assurances of uninterrupted gas supply, the situation has not improved, according to sources at the meeting. They also demanded that authorities address the crisis related to the US dollar and implement measures to prevent businesses from facing harassment by customs. Speaking with The Business Standard, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Jashim Uddin said according to the meeting decision, they will first meet with FBCCI President Mahbubul Alam on Wednesday.

Afterward, they plan to meet with the central bank governor and the NBR chairman. Finally, they intend to meet with the prime minister. Echoing Jashim Uddin's sentiments, BTMA President Mohammad Ali Khokon described the meeting as preparatory. He said, "We are facing a severe crisis due to poor gas supply. We discussed the issue with our member mills and other sectors, including the cement and steel manufacturing sectors."

The meeting also addressed the dollar crisis issue, as their working capital has shrunk due to the gap between the rates at which the US dollar is bought and sold. As a result, they are unable to buy raw materials. "All these factors are negatively affecting the business," he said, emphasising the urgent need for solutions to these problems, as highlighted by the meeting members. Furthermore, the meeting participants highlighted a number of difficulties related to customs. According to meeting sources, due to severe gas shortages, the machinery of textile mills is being damaged, and they are unable to supply the required yarn and fabric to the export-oriented garment industry. Fabric processing plants are closed because they cannot run boilers.

Although Petrobangla assured uninterrupted gas supply after the price hike, more than a year has passed with no improvement in the gas supply situation. Khokon said they will meet with FBCCI leaders today to find a way forward and decide on their next course of action. During the discussion, textile millers proposed relief measures for natural gas supply, including converting CNG-driven cars to LPG and households using natural gas to switch to LPG, according to meeting sources.

They also said manufacturing industries have lost 40% of their capital due to exchange losses. Additionally, they need an additional 40% of working capital due to the price hike of gas, electricity, and other fuels. The business leaders said they need at least 15 years to pay off their forced loans in equal EMIs with a two-year grace period. Central bank policy support is needed to convert short-term loans to long-term ones and allocate 50% additional working capital to meet additional requirements. Speaking anonymously, a business leader said Bangladesh needs to invest in the MMF-based textile industry because, after LDC graduation, the country will require double-stage value addition to qualify for the GSP Plus facility. However, existing industries are facing challenges in obtaining gas supplies.

News Link: Business leaders to meet PM over gas crisis