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Import duties on LNG withdrawn

In a major move for the energy sector, the government has withdrawn all kinds of import duties imposed on the liquefied natural gas (LNG).

The Internal Resources Department (IRD) under the Finance Ministry issued a circular in this regard on September 30, saying that the order went in effect from September 18.

An official of Bangladesh Oil, Gas and Mineral Corporation, widely dubbed as Petrobangla, expected the government move to reduce the import costs on the super-chilled fuel item.

Another circular could be published in a day of two, only to announce the withdrawal of supplementary duties, sources said. However, the current ceiling of value added tax (VAT) and advance income tax (AIT) will remain unchanged.

Bangladesh Energy Regulatory Commission (BERC) is likely to announce newly fixed prices of gas by the current week soon after the circular is issued.

A member of the energy regulatory body said there will be a gas price hike for consumers from all sectors other than the domestic and commercial ones—a move meant for adjusting the costs of expensive imported LNG costs.

 

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