The price of a 12kg cylinder of liquefied petroleum gas (LPG) has been slashed by Tk76, effective for the month of March.
From Thursday, each 12kg cylinder will be sold at Tk1,422, down from the earlier Tk1,498, the Bangladesh Energy Regulatory Commission (BERC) announced through a press release.
The price of LPG per kg has dropped by Tk6.33 per kg – to Tk118.54 from the previous price of Tk124.85.
Prices for other sizes of cylinders – from 5.5kg to 45kg – will go down accordingly, said the BERC.
An official of the BERC said the prices saw such a fall due to a decline in the prices of Saudi CP (contract price).
Last month, as per the Saudi CP, the LPG price was $790 per ton while the current month's CP was set at $733 per ton, he added.
Bangladeshi LPG operators normally import their products from the Middle East market on the basis of Saudi CP.
As per the BERC decision, the price of auto gas (LPG used for motor vehicles) also decreased to Tk66.22 per litre (including VAT) from the previous Tk69.71 per litre, down by Tk3.49 per litre.
The price of LPG, marketed by the state-owned LP Gas Company, will remain the same as it is locally produced with a market share of less than 5%.
LPG saw the highest price at Tk1,498 (per 12kg cylinder) in the local market in February this year.
Normally, the BERC chairman announces the LPG price at the beginning of every month through a virtual press briefing.
This time, there was no press briefing as four members out of five including the BERC chairman recently retired from their jobs after the expiration of their contracts with the government.
A new chairman has not been appointed yet, said a BERC official.