Bill introduced to change revised prices for electricity, fuel multiple times a year

A bill has been introduced in the parliament to amend the Bangladesh Energy Regulatory Commission Act in order to create the scope to change the revised prices of electricity and fuel more than once a year.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid introduced the Bangladesh Energy Regulatory Commission (Amendment) Bill 2020 in the parliament on Tuesday, reports Bangla Tribune.

The bill was sent to the Parliamentary Standing Committee on the Ministry of Power, Energy and Mineral Resources to examine it within 30 days and report to the parliament. The bill was approved by the cabinet in December last year.

According to the existing law, the tariffs fixed by the commission cannot be changed more than once in any financial year unless there are changes in several factors including fuel prices. This has been changed in the draft law.

The bill states that the tariffs fixed by the commission may be changed once or more in any financial year by a single or separate order of the commission, as required.

If the bill is passed, the Energy Regulatory Commission will be able to change the prices of fuel including gas, diesel, petrol, and electricity once or more in a year.

Regarding the purpose of the bill, Nasrul Hamid said: “The law needs to be amended due to the recent rapid changes in the fuel supply structure.”