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Bangladesh raises electricity prices to ease subsidy burden
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IANS | 31 Jan, 2023
In an apparent bid to ease the subsidy burden, the Bangladesh government
has again raised the prices of power at both the wholesale and retail
levels.
The new rates will come into effect from
Wednesday (February 1), according to a notice from the ministry of
power, energy and mineral resources, Xinhua News Agency reported.
The
retail price of electricity will be raised by 5 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 5 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 Nasrul Hamid had earlier said that backlog made due to
financial losses in gas import would be likely overcome to some extent
if the power price adjustment is made on a monthly basis.
Experts claimed the markup in power prices would likely push up the nation's inflation rate again.
Inflation
in Bangladesh accelerated to 9.52 percent in August last year, the
highest in 10 years, mainly driven by higher food prices, the Bangladesh
Bureau of Statistics reported. (1 U.S. dollar equals about 100 takas.
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