Nasrul Hamid hints at further rise in electricity prices this year

State minister for Power, Energy and Mineral Resources Nasrul Hamid today hinted at a further rise in electricity prices this year.

He said the power distribution companies are incurring losses due to fluctuations in the dollar rate. They had been calculating the dollar at Tk 85 since the previous fiscal year; it was then set at Tk 110 and is currently at Tk 117.

"We will need to adjust the price," he said, replying to a query in a post-budget press conference at the Secretariat.

According to Nasrul Hamid, in order to eliminate the subsidy, there are plans to modify the price of electricity three or four times annually.

"We have already adjusted the price twice. We have a plan … if the government allows," he added.

He hoped that within a couple of weeks, the power situation would be normal.

"During Cyclone Remal, one of our two FSRU (Floating Storage and Regasification Unit) was damaged. It is under maintainance now and will start production on July 14-15," the minister added.