Dhaka, Feb 3 (IANS): The price of Liquefied Petroleum Gas (LPG) in Bangladesh has been hiked by 22.15 taka per kg to 124.85 taka.

Bangladesh Energy Regulatory Commission (BERC) in Dhaka announced the latest LPG price in a statement, reports Xinhua news agency.

The new price came into effect from Thursday 6 p.m.

The 12 kg cylinder LPG price, which was 1,232 taka in January, would now stand at 1,498 taka after the hike.

The move to raise LPG price came after the electricity price was hiked by 5 per cent to 7.48 taka per unit on a weighted average.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid said the government is working on a plan to adjust power and energy prices every month.

The Minister said backlog made due to financial losses in gas import would be likely overcome to some extent if the price adjustment is made on a monthly basis.

Experts claimed the markup in the retail power and energy prices would likely push up the nation's inflation rate again.

Inflation in the country accelerated to 9.52 per cent in August last year, the highest in 10 years, mainly driven by higher food prices, according to the Bangladesh Bureau of Statistics.