Since the price of the TV is 150% of the price of the fridge, the ratio of TV price to fridge price is:
\[150:100 = 3:2\]
So for every 2 parts the fridge costs, the TV costs 3 parts, making the total cost \(3+2=5\) parts.
The fridge accounts for \(\frac{2}{5}\), i.e. 40%, of the total cost.
Hence, the correct answer is Option B: 40.