Dhaka, March 1 -- The government is set to hike electricity and energy prices from the first week of March in its efforts to reduce subsidy bills from the state coffer, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said midweek, on February 27.

Electricity prices will go up by 34 paisa per unit, he said responding to reporters at his office at the Secretariat. The power producers that are using gas to generate electricity are also going to see higher prices of gas from next month, according to the minister.

He said prices are going to be increased as the government has to bear a good amount of subsidy to import fuel. This is because of the higher cost of the US dollar as the taka weakens. When coal power plants wer...