DHAKA, Feb. 2 (Xinhua) -- 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 through a press release on Thursday.

The new price will be effective from Thursday 6:00 p.m. local time.

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 percent to 7.48 taka per unit on a weighted average.

Bangladeshi 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 Bangladesh accelerated to 9.52 percent in August last year, the highest in 10 years, mainly driven by higher food prices, the Bangladesh Bureau of Statistics (BBS) has reported. (1 U.S. dollar equals about 100 taka)