Energy Adviser says traders are responsible for LPG price manipulation
Some traders exploited the Bangladesh Energy Regulatory Commission’s price adjustment announcement to engineer an artificial market crisis.
Power, Energy and Mineral Resources Adviser Muhammad Fouzul Kabir Khan on Tuesday said the recent abnormal increase in liquefied petroleum gas (LPG) prices was driven by manipulation by retail and wholesale traders.
He told reporters after a meeting of the Advisers’ Council Committee on Government Purchase and Economic Affairs at the Secretariat that some traders had engineered an artificial market crisis by exploiting the Bangladesh Energy Regulatory Commission’s (BERC) price adjustment announcement.
The adviser said the government has directed the authorities to launch mobile court operations nationwide, involving district administrations and police, to address the situation.
“Those who anticipated a price hike saw that BERC raised the price by around Tk 53 and attempted to take advantage of it. We have instructed the Cabinet Secretary to ensure mobile courts are conducted in every district. The issue was also discussed at yesterday’s law and order committee meeting,” he said.
He added that there is no genuine justification for such an abnormal price hike, describing it as the result of deliberate market manipulation.
What's Your Reaction?
