Petrobangla Denies Plans for Gas Price Hike Amid Supply Crunch

Petrobangla has issued a statement to dispel confusion over reports of a possible gas price hike. The state-owned corporation said there is currently no plan to raise gas prices, despite recent media reports suggesting otherwise.

The issue stems from a proposal submitted by Petrobangla to the Energy and Mineral Resources Division (EMRD) seeking higher gas prices for compressed natural gas (CNG) used in transport and gas supplied to power plants. This move aims to narrow the gap between the cost of imported liquefied natural gas (LNG) and regulated domestic gas tariffs.

The country is currently facing a severe gas supply crunch following a fire at Excelerate Energy's floating storage and regasification unit (FSRU) off Moheshkhali. The incident has significantly reduced LNG regasification capacity, disrupting gas supplies to industries, power plants, and households.