The price of fuel will be adjusted soon, said State Minister for Power, Energy and Mineral Resources Nasrul Hamid. “We’re planning to adjust fuel price in line with the global market trend tomorrow or day after tomorrow,” Nasrul hoped. Talking to reporters at his ministry conference room the state minister said that concerned agencies have been assessing fuel price for adjustment. “Decision will come tomorrow or day after tomorrow in this regard,” he added. About fuel price, Nasrul said that the gasoline market has now gone above $150 (per barrel), which was $130 earlier. “How much can we adjust the price under this situation, because a handsome amount of the subsidy will be needed again,” he said. Meanwhile, the National Board of Revenue (NBR) issued a notification on Sunday exempting advance tax and cutting import duty on diesel from 10 percent to 5 percent, he said. The State Minister said, “We have given some benefits regarding tax on fuel import. On the basis of that benefit, we may be able to adjust the price of fuel. Assessment on the price is still under scrutiny.” “We hope that there may be a change regarding fuel price, as the government has given duty exemption,” he added. Source: BSS AH

The government yesterday refixed the price of fuel oil through adjusting the price of refined and imported/purchased diesel, kerosine, octane and petrol at the consumer level considering the uptrend of fuel oil price in global market under the current world situation. The new price of fuel oil will be made effective on the fuel oil of Bangladesh Petroleum Corporation (BPC) and the Eastern Refinery Limited, said a handout of the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources. It said that after 12:00 of August 5 night and within 40 kilometer radius of the depot, the retail price of diesel at consumer level will be Taka 114 per liter, kerosine at Taka 114 per liter, octane at Taka 135 per liter while petrol at Taka 130 per liter. State Minister for Power Energy and Mineral Resources Nasrul Hamid has said that the people-friendly Awami League government always take decision considering the ease and comfort of the common people. He said the government did not take decision of not hiking fuel oil price as long as it was possible. Under the present circumstances and finding no other alternate way, the government had to go for price adjustment of fuel oil. Earlier on April 2016, the government reduced the price of fuel oil. If the situation comes stable, the government would then consider re-adjusting the price of fuel oil. Different countries of the world including the neighboring countries are regularly adjusting the price of fuel oil considering uptrend of fuel oil price in global market. On May 22, the price of diesel in Kolkata was fixed at 92.76 Indian Rupee per liter while that of petrol at 106.03 Indian rupee per liter which is still in force there. If that price is converted to Taka, then the price of diesel would be Taka 114.09 per liter while that of petrol at Taka 130.42 per liter (considering one RS equal to Taka 1.23).  It means that diesel was being sold in Bangladesh by Taka 34.09 less per liter compared to Kolkata while petrol was being sold by Taka 44.42 per liter compared to Kolkata. Since the price of fuel oil was less in Bangladesh, there was a chance of smuggling of fuel oil for which it was the demand of time to raise the fuel oil price, added the handout. It is mentionable that the Bangladesh Petroleum Corporation (BPC) has incurred a loss of Taka 8014.51 crore in fuel oil selling over the last six months from February to July this year. So, it has become indispensable to make rationale adjustment of fuel oil price to make normal the import operations of BPC under the global fuel oil market situation. Source: BSS AH

The proposal to label natural gas and nuclear energy as "green" as a guide for private investors was met with resistance along the way. But EU lawmakers ultimately gave it the green light. The European Parliament on Wednesday voted in favor of a proposal regarding labeling natural gas and nuclear power plants as climate-friendly investments. The European Commission released the proposal, formally called the EU taxonomy, in December as a list of economic activities that investors can label and market as green in the EU. A motion to block the proposal received 278 votes in favor and 328 against, while 33 lawmakers abstained. Unless 20 of the EU’s 27 member states oppose the proposal, it will be passed into law. A controversial plan The proposal was initially met with resistance among some EU member states, with one camp led by France strongly backing the green label for natural gas and nuclear energy. Meanwhile, Germany which has been phasing out its nuclear power plants had opposed the plan. Some environmental groups and EU lawmakers have also criticized the plan for green washing fossil fuel and nuclear energy. Austria and Luxembourg have even threatened to sue the EU if the plan becomes law. Still, the proposal had the backing of the majority of the center-right European People’s Party, the European Parliament’s biggest lawmaker group. Lawmakers of the centrist Renew Europe group were largely in favor of the proposal, while the Greens and Social Democrats mostly opposed it. A total of 353 lawmakers a majority of the Parliament’s 705 lawmakers are needed to reject a plan for it to fail. Critics argue gas classification benefits Russia A sharp reduction in Russian gas supplies to Europe in recent weeks has triggered more opposition to the EU taxonomy’s classification of gas as green. It’s dirty politics and it’s an outrageous outcome to label gas and nuclear as green and keep more money flowing to [Russian President Vladimir] Putin’s war chest, Greenpeace EU sustainable finance campaigner Ariadna Rodrigo said. We will fight this in the courts, she added. Paul Tang, a Dutch EU lawmaker with the center-left Social Democrats, had criticized the plan as influenced by the lobby from Gazprom and Rosneft, both Russian state-owned energy companies. Greenwashing Tang also slammed the move as institutionalizing greenwashing. It is now important to prevent this vote from setting a precedent for other countries to temper climate ambitions, he wrote in a statement. Christophe Hansen, a conservative EU parliamentarian from Luxembourg, said Wednesday’s result will make the taxonomy obsolete. We are sacrificing the future to the present by including gas and nuclear in the taxonomy. This short-sightedness undermines the credibility and durability of the taxonomy as a long-term compass for investors, Hansen wrote on Twitter. The lesser evil Bogdan Rzonca, a Polish member of the European Parliament (MEP) for the right-wing Law and Justice party (PiS), said less wealthy EU countries need private investments in gas and nuclear power to be able to move away from coal. Gilles Boyer, a French MEP with the Renew group, said that meeting energy demand with renewable energy in the long-term would be ideal, but it’s not possible right now. Czech Prime Minister Petr Fiala, whose country has just taken over the rotating EU presidency, said Wednesday’s vote was excellent news for Europe. It paves the way towards energy self-sufficiency which is absolutely crucial for our future, he wrote on Twitter. Where does Germany stand on the taxonomy? Germany initially objected to the European Commission’s proposal to label nuclear energy as green. On Wednesday, Steffen Hebestreit, a spokesman for German Chancellor Olaf Scholz, said that Berlin stands by its position and considers nuclear energy as unsustainable. Nevertheless, the German government believes that the taxonomy is an important instrument for achieving climate protection targets, because it is clear that natural gas is an important bridging technology for us on the way to CO2 neutrality and the inclusion of the use of natural gas in the delegated act takes this into account, Hebestreit added.

Prime Minister Sheikh Hasina will formally open the country's biggest Payra 1320 MW Thermal Power Plant at Kalapara upazila in Patuakhali as well as declare 100 percent electrification across the country as the first South Asian nation tomorrow (Monday). "Prime Minister Sheikh Hasina will come at Kalapara tomorrow, open this power plant and declare cent percent electrification across the country as every house has been illuminated with the electricity," State Minister for Power, Energy and Mineral Resources Nasrul Hamid told reporters on the power plant premises this afternoon. It was a big challenge for "all of us" to implement such an ultra-modern largest project in the country for the first time in the last 50 years, he said, adding that this is an Ultra Supercritical Technology power plant. "We used the Ultra Supercritical Technology in building the coal-fired power plant as the third country in South Asia and 11th across the world," he said, adding that Bangladesh-China Power Company Limited (BCPCL) built the power plant. The first 660 MW unit of the power plant went into commercial operation in May 2020, utilising the 400 kv Payra-Gopalganj Power Transmission while the second one started production in December last year. Barishal Divisional Commissioner Md Amin Ul Ahsan said centering Payra 1320MW Thermal Power Plant near the Payra Seaport, the economic activities of the people in this area have already been accelerated. Noting that the activities of setting up an economic zone in the area, he said site has already been selected and the process of land acquisition is underway, since the government has a huge plan centering the southern part of the country. Apart from the 1320MW thermal power plant, the commissioner said, the construction work of another power plant is underway while the government has also a plan to build a 1320MW power plant and a solar system power plant in Patuakhali. "This region would be turned into a power hub by the next five to ten years," he added. Talking to reporters on the power plant premises, Chief Executive Officer (CEO) of Northwest Power Generation Company and BCPCL Managing Director (MD) AM Khurshedul Alam said the coal-fired 1320 MW power plant has been built using the ultra-supercritical technology aiming at protecting the environment. Noting that the environment is polluted by sulfur, nitrogen and suspended materials, he said his company is controlling the three elements while they are bearing additional 5 percent to 7 percent cost to this end.  This coal-fueled power plant, generally known as baseload power plant that operates continuously round the clock, has been built as the coal is till now a cheapest fuel, he said, adding, "Before starting the construction work, the honorable Prime Minister herself chose this site". Once the country's largest power plant goes in operation in full swing, the BCPCL official said, it will be possible to keep electricity prices at a tolerable level. Source: BSS AH

The government has adopted a year-based plan to generate more 2,883 megawatt (MW) electricity by the next six years, an official said.    “Activities are being carried out in accordance with the plant for generation of 2,883 MW power through both public and private initiatives,” the official familiar with the process told BSS in Dhaka today.    According to the plan adopted this month, 553-MW electricity will add this year, 923 MW will come in 2023, 603 MW in 2024, 200 MW in 2025, 502 MW in 2026 and 102 MW in 2027.    With the present government’s sincere efforts and timely initiatives, the power sector will continue to increase, as the government increased power generation to 25,284 MW, a power cell source said.    It said the government has provided power connections to 3.10 crore new consumers with expansion of 3.57 lakh kilometres new distribution line and 5,011 circuit kilometer of transmission line in the last 13 years.    Talking to BSS, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said that the electricity generation capacity reached 25,284 MW (including captive) from 4,942 MW in 2009, with around 99.75 percent of the population having access to electricity due to bold and dynamic leadership of Prime Minister Sheikh Hasina.    He said the Awami League-led government has achieved tremendous successes in the power sector in last 13 years and given top priority to the development of the sector considering its importance in the overall development of the country.    “We have successfully constructed 121 power plants having generation capacity of 20,342 MW after assuming office in 2009,” Nasrul Hamid said.    According to the Power System Master Plan (PSMP) 2016, Bangladesh has an aspiration to become a high-income country by 2041 increasing the country’s power generation capacity to 60,000 MW.     Prime Minister Sheikh Hasina-led Awami League government has a target to generate 60,000-MW electricity by 2041, as the government materialized its earlier Vision-2021 by increasing generation capacity to 25,284 MW from 24,000 MW, it said.    Director General of Power Cell under the Ministry of Power, Energy and Mineral Resources Engineer Mohammad Hossain said construction works are going on fast at Moheshkhali area aimed at generating 2400 MW electricity from Matarbari Ultra Super Critical Coal Fired Power Plant.    “The government is very much optimistic of bringing 1200 MW power from Matarbari Coal Fired Power Plant by 2024 and another 1200 MW in phases,” he said. Source: BSS AH

The Cabinet Committee on Government Purchase (CCGP) today (Wednesday) approved five power sector proposals, including setting up a gas or Regasified Liquified Natural Gas (RLNG) based 660 MW power plant at Mirsharai upazila in Chattogram.    The approval came from the 42nd meeting of the CCGP in this year held today virtually with Finance Minister AHM Mustafa Kamal in the chair.    Briefing reporters after the meeting virtually, Cabinet Division Additional Secretary Md Shamsul Arefin said that a total of 12 proposals were approved today as one proposal from the Shipping Ministry was withdrawn from the meeting.    He said a consortium of Confidence Power Holdings Limited, GE Capital US Holding Inc, Confidence Power Limited, and Electropac Industries Limited has been given the go-ahead to set up the gas or RLNG based power plant.     In a 22-year period, the government will buy electricity worth Taka 69,152.16 crore from the power plant, he added.    He informed that CCGP has also given tenure extension of the four rental power plants. Of them, he informed that a 53 MW gas-based rental power plant in Ashuganj, Brahmanbaria, sponsored by United Energy Ltd, has been extended for five years.     Taka 451.20 crore will be spent to buy electricity from the plant, he added.    He mentioned that the Kumargaon 50 megawatt gas-based rental power plant, located in Sylhet sadar upazila, gets a tenure extension of one year, until December next year, from where the government will buy electricity at a cost of Taka 86.52 crore.     He said another gas-based 50MW rental power plant of Energy Prima Ltd in Fenchuganj, Sylhet gets a tenure extension of three years.     The extension will cost the exchequer Taka 278.64 crore for buying electricity, he added.    He said the Energy Prima Ltd's another 20 MW gas-based rental power plant in Bogura district has also been extended for three more years.     The government will buy electricity from the plant at Taka 106.92 crore, he added.    Asked about the necessity of tenure extension of the power plant, Mustafa Kamal said rental power will be bought on no electricity, no pay basis.    He said the tenure of many rental power plants have already passed and they have realised capital costs and all other things.     "We won't have to pay extra charges for their operations. Only electricity price will be paid," he added.     The minister said Bangladesh will have to set up some more power plants to meet demand as the government has stopped giving approval to new coal-based power plants in line with its commitment to saving the planet from the impacts of climate change. Source: BSS AH

Bangladesh Energy Regulatory Commission (BERC) has adjusted the prices of liquefied petroleum gas (LPG) of private companies upward Taka 1,313 for every 12kg LPG cylinder for the month of November.     The existing price of every 12kg LPG cylinder is Taka 1,259.     The new price will be effective from today (Nov 4), BERC officials said in a press conference.     The BERC re-fixes the price per month as per the new rate of the Saudi contract price.     The contract price rate set by the Saudi Arabian Oil Company (Saudi Aramco) each month is the dominant price for LPG in Asia and elsewhere in the world.     Meanwhile, the price of 12.5 kg LPG of the state-owned company has remained unchanged at Taka 591 as the cost has not changed at the production stage, BERC said.     However, the price of LPG used in cars has been raised to Taka 61.18 per liter from Taka 58.68.     The price of LPG has gone up in the global market now, said BERC Chairman Md Abdul Jalil.     "We have adjusted the price appropriately for the local market and the operators should implement it." Source: BSS AH