Bangladesh raises electricity prices to ease subsidy burden
In an apparent bid to ease the subsidy burden, the Bangladeshi government has again raised power prices at wholesale and retail levels.
The new rates will come into effect from February 1, 2023, according to a notice from the ministry of power, energy and mineral resources.
The retail price of electricity will be raised by five per cent for the second time in less than a month, while the wholesale prices are seeing an increase of 8.06 per cent, according to the notice.
The Bangladeshi government on January 12 raised the electricity price at the retail level by five per cent to 7.48 taka per unit on a weighted average, ignoring opposition from businesses and consumers.
The move to raise the retail price of electricity on January 12 came after the price was hiked by 19.92 per cent at the producers’ level in December last year.
Bangladeshi State Minister for Power, Energy and Mineral Resources had earlier said the backlog due to financial losses in gas import would be overcome to some extent if the power price adjustment is made monthly.
Experts claimed the markup in power prices would likely push the nation’s inflation rate again.
Inflation in Bangladesh accelerated to 9.52 per cent in August 2022, the highest in 10 years, mainly driven by higher food prices, the Bangladesh Bureau of Statistics reported. ($1 equals about 100 takas)
(Xinhua/NAN)
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