LPG gets cheaper by Tk 2.92 per kg

The price of liquefied petroleum gas (LPG) has decreased by Tk 2.92 per kg.

From now, 12 kg container will be sold at Tk 1219 instead of Tk 1254, down by Tk 35 from 6 pm on Tuesday.

The Bangladesh Energy Regulatory Commission (BERC) announced the price at a virtual briefing on Tuesday.

The other quantity of LPG containers from 5 kg to 45 kg will rationally be sold at per the new rates, said BERC chairman Abdul Jalil.

As per announcement, the price of auto gas for motor vehicles has been decreased to Tk 56.85 per litre instead earlier Tk 58.46 per litre.

Abdul Jalil said though the price of LPG has come down on the international market, consumers are not getting full advantage of the downward trend due high dollar price in local market. The operators have to import LPG from international market.

He also said that the BERC observed the local banks are not abiding by the dollar rate fixed by Bangladesh Bank. Rather, they set the dollar price depending on the demand and supply. Banks have calculated dollar rate between Tk 98 and 105 while Bangladesh Bank’s rate was much lower.

“We have written to the central bank about the problem. Bangladesh Bank has yet not replied to our letter,” he said.

Jalil said the price of LPG, marketed by state-owned LP Gas Company, will have no effect as it is locally produced with a market share of less than 5 percent.

The LPG price went up to the highest Tk 1439 (12 kg) in the local market following the start of the Russia-Ukraine war in February this year.

The LPG price was lowest at Tk 1225 for 12 kg in January this year and it witnessed continuous hike in price in February, March and April.

Abdul Jalil said that globally the price of Saudi CP (contract price) has declined.

Bangladeshi private LPG operators mainly import the gas from the Middle East market based on Saudi CP.

The BERC, for the first time, fixed the retail-level LPG prices on April 12 after holding a public hearing to comply with a High Court order.

Source: United News of Bangladesh