The increase in the power tariff will be effective from February 1 instead of March 1 as earlier indicated, State Minister for Power, Energy and Mineral Resources, Nasrul Hamid said today.

A gazette notification detailing the revised tariffs will be issued today, he added during a press briefing.

The new tariff hike will vary between Tk 0.34 and Tk 0.70 per unit, depending on the consumption volume of different consumer categories.

Previously, Nasrul had indicated the new tariffs would take effect in the first week of March.

He also announced the implementation of a fuel pricing formula starting March 1st. This formula will link the price of petroleum fuel to the international market, resulting in fluctuation based on the global market.

"The fuel price will be declared for consumers each month," he added.