The nation is in absolute fuel insecurity crisis

A number of companies involved in importing liquified petroleum gas and selling it to distributors are making profits illegally by selling at a rate higher than the one fixed by the energy regulator. The Bangladesh Energy Regulatory Commission (BERC) has set the price of the 12-kg LPG cylinder, the most common form of marketing the fuel, at Tk 1,498 for February, however, the 12-kg cylinder is being sold at Tk 1,600-Tk 1,800 in the market.
Sellers charge an inflated price for the cylinders of Bashundhara LP Gas, Beximco LPG, Laugfs Gas Bangladesh, Omera LPG, Fresh LP Gas and Sena LPG. The market insiders said that the dollar rate, the diesel price, the gas price and the electricity price have increased, but BERC did not factor those in defining the price. The retail price for LPG will be fixed based on the Saudi contract price, which rose to $790 at the beginning of this month. But those consignments are yet to reach the port. This means all the available cylinders in the market were bought at the Saudi CP of $599, which they were supposed to sell at Tk 1,232.
These companies should have been banned for what they have done, but that is not a solution. LPG is being used all over the country and it is a basic need. Bangladesh’s annual LPG consumption is about 14.28 lakh metric tonnes, with households accounting for about 84 per cent of the consumption. Around 99 per cent of the market is dominated by 29 private companies.
The LC crisis is profound. Ships are all set to come but due to the banks’ delay, the products are not coming for now. The nation is in an absolute crisis over fuel insecurity. The regime must do something to protect the interest of consumers, not businesses. Citizens have little trust in easing their plights as the market manoeuvres control the government and the regulators.