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Privately-owned LPG (liquefied petroleum gas) operators sought hike in retail prices of the fuel in domestic market, and submitted fresh applications to the energy regulator to consider their demand.
They also sought changes in the existing LPG pricing formula, as set by the Bangladesh Energy Regulatory Commission (BERC), to raise the domestic LPG prices.
The BERC received their applications, and would arrange a public hearing before taking decision on their proposals.
"The public hearing might be arranged sometime in July," BERC Member Md Maqbul-E Elahi Chowdhury told the FE on Thursday.
He said the commission's decision over change in the LPG pricing formula and adjustment of its price in retail level would only come on the basis of the public hearing.
Officials said the BERC had been fixing retail prices of LPG over the past three months under a pricing formula, which included the Saudi Aramco monthly contract price (CP), fluctuation of foreign currency - especially the US dollar, freight charge, and value added tax (VAT).
The commission considered the Saudi Aramco CP as the benchmark for fixing LPG prices in the domestic market.
The pricing formula was set after the maiden public hearing on fixation of LPG prices in January, which was arranged by the commission following the High Court order.
The commission fixed for the first time LPG retail prices for domestic market on April 12, considering the Saudi Aramco CP of March 2021, which was the highest over the several years.
The private LPG operators, in their separate but unique proposals, sought around 27 per cent hike over the April LPG prices in domestic market to Tk 1,143 for a 12-kg LPG cylinder.
But after their proposals, the BERC so far lowered LPG retail prices twice by around 7.0 per cent each for May and June trading in domestic market.
Currently, the BERC set the retail price of a 12-kg LPG cylinder, provided by private operators, at Tk 842 for June trading.
LPG is being used mostly as cooking fuel, and in maximum households 12-kg LPG cylinders are being provided by the operators.
The commission also lowered the retail prices of 5.5-kg, 12.5-kg, 15-kg, 16-kg, 18-kg, 20-kg, 22-kg, 25-kg, 30-kg, 35-kg and 45-kg cylinders proportionately.
Price for LPG, supplied through reticulated system or centralised storage system, also was lowered accordingly.
The commission adjusted LPG prices, considering the Saudi Aramco CP of May 2021, and also eyeing on fluctuations of foreign currency and change in VAT amount.