BGMEA for gas price hike in phases

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the government to set gas prices based on the average price of local gas, contract-based imported Liquefied Natural Gas (LNG), and spot market LNG prices.

The apex body is also urged to increase gas prices gradually, and uninterrupted supply and relief from imported power and energy resources.

Regarding the issue, BGMEA President Faruque Hassan sent a letter on January 24 to Tawfiq-e-Elahi Chowdhury, energy adviser to the Prime Minister, and Nasrul Hamid, State Minister for the Ministry of Power, Energy, and Mineral Resources.

Commenting on the issue, BGMEA President Faruque Hassan told The Business Post, “The world is facing an economic crisis, which is also hit in Bangladesh. We, even the masses, are struggling due to high inflation.

“Amid the situation, the government increased gas and electricity prices and planned to increase electricity prices further. The decision will make life difficult for everyone. We will lose work orders due to high production costs, which will also create a further crisis for the government.”

He further said, “But I believe that the government has many alternative ways to reduce gas and electricity prices such as reduce system loss, curb corruption in the sector, relief vat for energy resource import, and cut the illegal connection of gas and electricity.”