Stakeholders at a meeting on Saturday suggested that the existing conflicting regulatory issues should be addressed before setting a price for liquified petroleum gas (LPG).

“There are a number of bodies issuing regulatory orders. Sometimes it seems Bangladesh Petroleum Corporation (BPC) is the regulator, sometimes it’s Energy and Mineral Division and sometimes it’s Bangladesh Energy Regulatory Commission. We’re still confused on the matter who is the actual regulator,” said Prof ASM Shamsul Alam, Advisor of the Consumers Association of Bangladesh.

The CAB advisor was echoed by Azam J Chowdhury, president of LPG Association of Bangladesh. He said that there a lot of conflicting regulatory roles being played by different bodies and agencies.

BERC organised the virtual meeting to exchange views on setting LPG price which was conducted by BERC member Syed Mokbul Elahi.

BERC Chairman Md Abdul Jalil also spoke on the occasion.

BERC deputy director Kamruzzaman, who made a presentation on overall market situation of LPG, said the regulatory body has moved for setting the LPG price following an energy division instruction in this regard.

As part of the move, the BERC has formed a committee consisting of representatives from different government organisations and agencies, he said.

He said now the country annually consumes 3.8 million metric tons of LPG while 27 companies are operating the business. 

He said Bangladesh imports LPG from three countries—Saudi Arabia, Oman and Qatar. The transportation cost has been a big matter in determining the LPG price in the local market. 

Taking part in the discussion, speakers said the BERC committee was formed with only government representatives, with no representatives from the private LPG operators or from the consumers.

Azam Chowdhury said each of the LPG operating companies have to pay about Tk 56.25 lakh as fees to different government agencies which could be easily reduced in order to reduce the price of such petroleum fuel.

He also LPG companies have been investing huge amounts of money for bottling purposes, which makes the petroleum gas costly.

Prof Shamsul Alam said the BERC has to prove it is an independent body with full freedom to work as regulator before setting LPG price. “Otherwise, none of its moves will be successful in setting price,” he said.

Also read: Introduce tracking system for LPG, CNG cylinders: Nasrul Hamid

Dr Hosne Ara Begum of TMSS LPG said that the government should provide subsidy in LPG like in neighbouring India, to make it affordable to low-income consumers.

Eminent energy expert Prof Nurul Islam said pricing of LPG should be settled along with the price of natural gas. “If necessary, the gas price could be increased to reduce the LPG price,” he said.

Bangladeshi electronics brand Walton is registering remarkable success by expanding the export market of its locally produced inverter technology’s air conditioner or AC.

Md Tanvir Rahman, executive director, and chief executive officer of Walton AC, said Walton’s Inverter AC is attracting buyers globally and its export demands are also on the rise, according to a press release.

Walton has shipped out several consignments of AC exports to Yemen, East Timor, Nepal and India after the coronavirus lockdown was lifted in different countries, he said.

Engineer Sondip Biswas, head of Walton AC Research and Development (RnD) Department, said that Walton has been exporting air conditioners to the countries of Asia, Middle East and Africa regions under the OEM (Original Equipment Manufacturer) system by getting the quality control certificates of different international standards and testing protocols.

Through these brands, he said, Bangladeshi brand Walton’s produced sophisticated air conditioners are reaching different countries as well as winning the customers’ faith rapidly.

Also read: Walton shares Tk 77cr profits with employees

The digital services provider, Robi has recently launched a brand new customer loyalty programme “Robi Elite”.

The loyalty programme, Elite will allow Robi to express its gratitude to the special group of customers who have been the staunchest supporters of the brand.

Robi Elite will enable top Robi users to experience special benefits, exclusive privilege, lifestyle offers and priority services.

More rewards will gradually be added to express Robi’s gratitude to its loyal customers.

Elite customers will be identified as Select, Platinum, Diamond and Gold tier customers based on their usage and duration with the brand.

Customers in the higher tiers will be able to enjoy exclusive offers at five-star hotels and free lounge access while travelling abroad.

Along with over 250 renowned partners from food, clothing, lifestyle, entertainment, healthcare and other industries, Robi Elite is partnering with various top digital services, so that customers can avail online based lucrative product and service offers amid the COVID-19 pandemic.  

Also read: Robi-10 Minute School brings digital skill development courses

The Mymensingh zone of Islami Bank Bangladesh Limited (IBBL) recently held a webinar on ‘Compliance of Sharia in Banking Sector’.

Professor Dr Md Fashiul Alam, Director of the bank addressed the programme as the chief guest where Prof Dr Mohammad Gias Uddin Talukder, Chairman of IBBL Sharia Supervisory Committee was the chief discussant.

Mohammed Monirul Moula, Additional Managing Director of the bank was the special guest of the programme presideded over by Bashir Ahamed, Executive Vice President.

Mohammad Harunar Rashid, Member of IBBL Sharia Supervisory Committee and Md Shamsuddoha, Executive Vice President also addressed the programme.

Also read: IBBL Dhaka zone holds online conference

Bangladesh’s economy is showing signs of early recovery and its gross domestic product (GDP) is expected to grow by 6.8 percent in 2021 fiscal year, the latest Asian Development Bank (ADB) report says.

Asian Development Outlook (ADO) 2020 Update was released on Tuesday.

The growth reflects gradual recovery, supported by a strong manufacturing base and strengthening of growth in export destinations. Inflation is expected to remain moderate to 5.5 percent and current account deficit to narrow to 1.1 percent of GDP in FY2021, an ADB news release said.

ADB said prudent macroeconomic management and speedy implementation of government’s stimulus measures are key imperatives to ensure the projected recovery but noted that the main risk to this growth projection is a prolonged coronavirus (Covid-19) pandemic in Bangladesh or its export destinations.

“Bangladesh economy has started recovering from the pandemic. Despite significant pressure on the health and pandemic management systems, the government has managed the economy well with appropriate economic stimulus and social protection measures, ensuring basic services and commodities for the poor and vulnerable,” said Country Director Manmohan Parkash.

Read Also: ‘Bangladesh economy shows signs of positive growth’ despite global recession

‘Crisis an opportunity’

He said the recent economic performance in exports and remittances, and government’s macroeconomic management including securing foreign funds for economic stimulus and social protection have made this recovery feasible.

“We’re encouraged by the increase in exports and remittances, and hope the recovery will be sustained, which will help in achieving the projected growth rate,” Parkash said, adding that early access to vaccine and continued emphasis on health pandemic management can help sustain this recovery.

“This crisis is an opportunity to undertake further reforms in resource mobilisation, export diversification, employment generation, skills development, as well as social protection; and ADB is working with the government in these areas to provide further support.”

Read Also: COVID-19 shatters Bangladesh's dream of eradicating poverty

ADB has already provided initial assistance of $600 million in loans and $4.4 million in grants for managing socio-economic impacts of the Covid-19 pandemic and supporting quick recovery. ADB has programmed $5.9 billion firm and $5.2 billion standby assistance for Bangladesh in 2021-2023.

In FY2021, the government’s fiscal and monetary stimulus measures are expected to boost public and private investment. The central bank’s expansionary and accommodative monetary policy is expected to aid the projected growth while keeping inflation contained. Strong remittances will stimulate private consumption, ADB said.

Inflation is expected to stay at 5.5 percent in FY2021, reflecting a good crop outlook and favourable international commodity prices. Consumer caution and underutilised production capacity should mitigate any upward pressure on prices from the government’s fiscal and monetary stimulus measures.

Read Also: Bangladesh economy to bounce back at year end, hopes Minister