Friday, April 26, 2024
The Bangladesh Energy Regulatory Commission has refixed the price of Liquefied Petroleum Gas of private companies at the retail level with effect from July 1.
As per the new price, the private companies will have to sell 12-kg Liquefied Petroleum Gas (LPG) at Tk 891 instead of the current price of Tk 842.
The regulatory body refixed the price adjusting with Saudi Contract Price (CP).
The price of LP Gas Company Ltd, a state-owned company, will remain the same at Tk 591 for 12.5 kg LPG as it has no relation with Saudi CP.
In refixing the price, the value of per kg of LPG was considered to be Tk 70.24, including VAT, and such price will be applicable for refixing the price of other weighed containers.
The other quantity’s LPG will be selling at higher prices to be fixed rationally.
The autogas price was also refixed at 44 per litre against the current price of Tk 41.47 under the price adjustment procedure.
“This price will be applicable for the month of June until further adjustment in the Saudi CP,” said Bangladesh Energy Regulatory Commission (BERC) Md Abdul Jalil while announcing the new price through a virtual briefing on Wednesday.
"The private companies' LPG price was refixed on the basis of Saudi CP," he told reporters.
Normally Saudi biggest oil company Armaco announces its CP for bulk LPG at the concluding state of every month for the next month’s transactions.
Most Bangladeshi private companies import their bulk LPG from the Middle East on the basis of Saudi CP and market it in the country.
The BERC for the first time fixed the retail level LPG price on April 12 after holding a public hearing to comply with a High Court order.
About 20 private companies have been operating in the market with more than 95 per cent market share by annually importing 1.2 million metric tons of bulk LPG from mainly the Middle East while the state-owned LP Gas Company is locally producing 25,000 MTs of LPG from locally-produced condensates at different gas fields.
Responding to a question, the BERC chairman said they have requested some administrative ministries to take action against the retail sellers who do not abide by the regulator’s price.
He said the BERC is unable to take punitive action against the violators of law due to non-framing of required regulations by the Energy Division.
