HYDERABAD: President of Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) Muhammad Farooq Shaikhani has said that the Oil and Gas Regulatory Authority (OGRA) has approved the increase in gas prices by 50%, which is condemnable and business community strongly opposes any such move.
He said the industry in Pakistan is already on the brink of collapse due to non-supply of electricity and gas and rising prices. With this increase, more industries in Pakistan will either be closed or will shift abroad. He said that for the last several decades, the government of Pakistan has not tried to discover new gas reserves on a large scale even knowing the continuous decrease in gas reserves.
He said that Pakistan’s industrial production accounts for 4% of GDP. The country’s largest industry is cotton textile production, which accounts for 66 percent of all exports and also provides employment to 40 percent of the country’s workforce. The biggest downside of OGRA’s hike in gas prices would be that 40 percent of Pakistan’s workforce is likely to become unemployed which is a matter of ponder not only for the government of Pakistan but also for the entire business community.
He said that along with the developed countries of the world, the economic intellectuals of the under-developing countries have also understood that the country’s economy cannot be flourished without providing gas and electricity facilities to the country’s industries. A clear example of this is the establishment of the new industrial zone Sheikh Mujib Shilpa Nagar by the government in Bangladesh, which will consist of 33 thousand acres and all the basic facilities for the industries will be provided by the government on an emergency basis.
He advised that there are 21 projects in the third phase of CPEC, which include the discovery of natural reserves in Pakistan. It should be implemented immediately to save Pakistan from this impending gas crisis and provide cheap energy.
He said that the government of Pakistan should form a strong and decision-making committee by including all the stakeholders of the country, the powerful circles of the country should also be supporting this committee and that committee should not only find natural reserves but also make them usable by making comprehensive policy of working with domestic and foreign investors.
He demanded the Prime Minister of Pakistan Mian Muhammad Shahbaz Sharif and the Federal Minister for Petroleum and Natural Resources Musaddiq Malik to not only reject the increase in gas prices by 50% of OGRA but also oblige them to supply gas to the industries without interruption.
Copyright Business Recorder, 2023
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