Doubling gas prices to increase import dependence: Masrur Riaz

Chairman and CEO of non-governmental research organisation Policy Exchange Bangladesh Masrur Riaz has said that doubling gas prices will increase import dependence and put pressure on the economy.

He made the observation at a seminar organised by Policy Exchange Bangladesh and the Economic Reporters Forum (ERF) at the Intercontinental Hotel in the capital on Sunday (February 23).

Masrur Riaz said, “This is a challenging time now. At this time, if the price of gas is doubled, the cost of producing goods in the manufacturing sector will increase. It will reduce their competitive capacity as well as discourage new investments.”

“At the same time, import dependence will increase in the cement, steel and ceramic sectors. Overall, it will put pressure on the financial sector. If imports increase, more foreign currency will be needed,” he added.

He also said that if the price of gas increases, many industries will be forced to close down and then default loans will increase.

Bangladesh Energy Regulatory Commission Chairman Jalal Ahmed was the chief guest at the event attended by, among others, Bangladesh Chamber of Commerce President Anwar Ul Alam Chowdhury, and Bangladesh Textile Mills Association (BTMA) President Shawkat Aziz.