The fuel price hike will put a severe strain on the knitwear industry's production process, said the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).
A statement issued by the organisation on Saturday (6 August) expressed concerns that the industry may lose its ability to remain competitive in the global market.
"We are shocked as the government announced the hike when oil prices in the international market are on a downward trend," said the statement signed by BKMEA President AKM Salim Osman.
BKMEA urged the government to raise the rate of cash assistance urgently for a limited term to support the ongoing development of the knitwear industry.
The organisation also asked the government to talk with the stakeholders to come up with an alternative plan to deal with the situation.
The Energy and Mineral Resources Division hiked diesel and kerosene prices by Tk34 per litre to Tk114 and octane and petrol prices by Tk46 per litre to Tk135 on Friday night.