The price of electricity has been increased by 5% at the consumer level. The new price will be effective from 1 February.

Ministry of Power Energy and Mineral Resources issued a gazette notification in this regard on Monday (30 January).

This is the third time the government used its newly-granted authority to adjust the price of electricity without a public hearing by the Bangladesh Energy Regulatory Commission (BERC).

As per the new rate, at the customer level, the price has been increased from Tk3.94 to Tk4.14.

Consumers, already embattled due to record commodity prices following a historic liquid fuel price hike, are now set for another battering as the government announced a 5% increase in electricity prices to Tk7.48 per kilowatt hour at the retail level on 12 January this year.

Distribution companies had applied for at least a 15.43% increase in retail/consumer level electricity prices to cover their financial loss against the 20% price increase at the wholesale level.

Earlier on 8 January, the technical evaluation committee of BERC recommended around 15% retail electricity price hike at a public hearing against power distribution companies' proposal to increase the price on an average by 20%.

The ministry gazette also mentioned that the retail price of electricity will be adjusted every month.

Government hiked gas prices on 18 January this year by a staggering 179%, with an eye on eliminating subsidies and cutting the fiscal deficit. The massive hike left industry leaders and energy experts stunned which comes just a few days after an increase in electricity prices.

Energy and Mineral Resources Division, said the current global energy situation amid the Russia-Ukraine war had resulted in volatility in the prices of all types of energy.