Titas Gas Seeks Residential Gas Price Hike Amid Energy Shortage

MJL Bangladesh PLC, a prominent lubricant marketer, plans a Tk 350 crore ($32.5 million) investment in acquiring a new LPG tanker with an 11,000 cubic meters capacity. The board of directors, in a joint venture with East Coast Group and Jamuna Oil Ltd, approved the purchase, allocating an additional $1.50 million for various associated expenses.

To address the ongoing dollar crisis, Bangladesh Bank has mandated that banks offer over 7% interest on resident foreign currency deposits (RFCD). The central bank's notification allows individuals to deposit up to $10,000 in RFCD, with banks providing a minimum of 1.5% interest in addition to the benchmark rate.

Despite the government's assertion of achieving 100% electricity access, a survey conducted by Micro Industries Development Assistance and Services (Midas) reveals that 7.64% of consumers still resort to bribery to secure power connections.

In December 2023,  the price of 12kg liquefied petroleum gas (LPG) cylinders increased to Tk 23, now set at Tk1,404. LPG (autogas) for vehicles rises to Tk64.43 per kg from Tk63.36. Government-supplied LPG remains unchanged. The hike, unrelated to global LPG prices, is attributed to the Taka's depreciation against the dollar.

The Bangladesh Bank has instructed banks to provide details on defaulted loans of candidates contesting the upcoming national elections to the Election Commission. The national polls are scheduled for January 7, and the Financial Institutions Division of the Finance Ministry issued a circular on November 28, which the central bank forwarded to banks.

Bangladesh anticipates initiating nuclear power generation at the 2,400-megawatt Rooppur nuclear power plant by late 2024 or early 2025, as Russia completes fuel delivery via air cargo due to shipping sanctions.