They fear this will drive up prices of local products and make them less competitive in the global markets.
On Thursday, the government hiked retail power prices by 2.97 percent and gas prices by 26.29 percent that will be effective from Sept 1.
"Keeping in mind the realities of the global markets, this hike in power and gas rates should have been avoided at this moment."
"At such a time, this will add to the pressure on us."
Business leaders in Bangladesh have long complained about the inadequacies in power supply and availability of gas, apart from the political unrest.
Former BGMEA president Murshedy said that the hike in rates would be less painful if quality power and gas was available.
He appealed to the government to review the decision to hike the power and gas rates.
"This will adversely impact on the competitiveness of Bangladeshi products, it will tell upon our exports."
Alamin said the industry in Bangladesh was getting the benefit of dropping oil prices.
"If that had happened, at least we could save some money in reduced transport cost."
Citigroup chief executive Biswajit Saha said: " More the rates of gas and power, the greater the cost of production and the higher they have to be priced. That will impact on our competitiveness in the global market."