Bangladesh disapproves natural gas price hike
DHAKA, Nov 30 (Reuters) - Bangladesh Energy Regulatory Commission (BERC) rejected on Sunday a proposal by the state-run Bangladesh Oil, Gas and Mineral Corporation or Petrobangla to raise natural gas prices to offset losses. "We decided not to raise natural gas prices proposed by the Petrobangla as the state firm is making profit by selling gas to the consumers," said Ghulam Rahman, chairman of the BERC. Bangladesh in 2003 formed BERC following suggestions by the Asian Development Bank and the World Bank to closely monitor, review and adjust country's administered oil, gas and electricity prices in accordance with the global prices. "Petrobangla proposed to raise gas prices by nearly 66 percent on average at consumer level to pay its bills to the international oil companies (IOCs), which we do not consider just and reasonable," Rahman told reporters. The outstanding bills of the IOCs until June 2008 is about $359 million, officials said. Foreign...