"We have acts for petroleum and electricity but we don't have any for gas…the initiative will solve the problem (of gas sector)," he said speaking at the first anniversary function of Energy & Power, a fortnightly specialised magazine on energy sector, in Dhaka.

Mosharraf hoped the law will empower the newly formed Energy Regulatory Commission (ERC) to function as a fully independent body.

Defending the government decision to increase the price of CNG (compressed natural gas), he said entrepreneurs do not show interest in setting up CNG stations due to a little gap between the purchase and sales price of the gas.

"The move will encourage entrepreneurs to establish more CNG stations in the country and thus solve the problems of CNG users," the state minister hoped.

However, Mosharraf assured the consumers of not increasing the prices of electricity, diesel and kerosene in near future.

The energy minister said prepaid meters will be introduced for electricity billing from January 1 next year. "We have already given directive to the officials concerned...if they fail to do that in time, they will be sacked."

Mosharraf laid emphasis on further exploration of gas to meet the ever-increasing demand and apprehended that the country might face shortfall of gas after 2015 if companies failed to explore new gas fields by this time.

Speaking at the function, State Minister for Power Iqbal Hassan Mahmood put accent on improving the ethical standards of the officials engaged at different electricity distribution companies and also the end-users.

"I have found many elite people in collaboration with the linemen and meter readers are engaged in electricity pilferage...if we don't stop such practice, system loss cannot be reduced," the power minister said.

According to Mahmood, at present there is 28 percent systems loss in the electricity sector. He said the government is planning to privatise the electricity transmission system to reduce the systems loss and pilferage.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Abdul Awal Mintoo, Forum of Energy Reporters Bangladesh (FERB) Chairman Badiul Alam and Energy and Power Editor Mollah Amzad Hossain also spoke at the function held at Cirdap auditorium.