Power prices to go up by 34-70 paisa per unit from March: Nasrul

Electricity prices will be hiked by 34-70 paisa per unit with effect from the first week of March, State Minister for Power, Energy, and Mineral Resources Nasrul Hamid said on Tuesday.

A gazette regarding the adjustment of power prices is likely to be issued today, he told reporters at the secretariat in Dhaka.

Alongside the electricity, the price of gas used in power generation will also go up, he said.

Mentioning that power prices will be adjusted only to phase out subsidies, Nasrul said the government has to provide around Tk43,000 crore in subsidies for electricity this year.

“Subsidies have increased further due to the difference in the dollar exchange rate. We aim to adjust the power prices in the next three years. We have taken measures to make the adjustment tolerable.”

Regarding the gas price hike, the state minister said it will not be increased for industries or households. The price will be hiked only for consumers under the power generation category, he added.

Speaking on the issue of oil price, Nasrul said, “We are following the method of dynamic pricing here. The price adjustment will start from the first week of March with the finance ministry’s approval. The oil price will be aligned based on its increase or decrease in the global market.”