AGL 37.85 Decreased By ▼ -0.30 (-0.79%)
AIRLINK 128.96 Increased By ▲ 3.89 (3.11%)
BOP 7.30 Increased By ▲ 0.45 (6.57%)
CNERGY 4.63 Increased By ▲ 0.18 (4.04%)
DCL 8.41 Increased By ▲ 0.50 (6.32%)
DFML 38.60 Increased By ▲ 1.26 (3.37%)
DGKC 81.01 Increased By ▲ 3.24 (4.17%)
FCCL 32.75 Increased By ▲ 2.17 (7.1%)
FFBL 74.16 Increased By ▲ 5.30 (7.7%)
FFL 12.32 Increased By ▲ 0.46 (3.88%)
HUBC 109.21 Increased By ▲ 4.71 (4.51%)
HUMNL 13.95 Increased By ▲ 0.46 (3.41%)
KEL 5.07 Increased By ▲ 0.42 (9.03%)
KOSM 7.48 Increased By ▲ 0.31 (4.32%)
MLCF 38.20 Increased By ▲ 1.76 (4.83%)
NBP 70.75 Increased By ▲ 4.83 (7.33%)
OGDC 187.80 Increased By ▲ 8.27 (4.61%)
PAEL 25.25 Increased By ▲ 0.82 (3.36%)
PIBTL 7.38 Increased By ▲ 0.23 (3.22%)
PPL 151.74 Increased By ▲ 8.04 (5.59%)
PRL 25.21 Increased By ▲ 0.89 (3.66%)
PTC 17.15 Increased By ▲ 0.75 (4.57%)
SEARL 82.50 Increased By ▲ 3.93 (5%)
TELE 7.50 Increased By ▲ 0.28 (3.88%)
TOMCL 32.70 Increased By ▲ 0.73 (2.28%)
TPLP 8.48 Increased By ▲ 0.35 (4.31%)
TREET 16.49 Increased By ▲ 0.36 (2.23%)
TRG 56.60 Increased By ▲ 1.94 (3.55%)
UNITY 27.85 Increased By ▲ 0.35 (1.27%)
WTL 1.35 Increased By ▲ 0.06 (4.65%)
BR100 10,541 Increased By 451.6 (4.48%)
BR30 30,970 Increased By 1461.1 (4.95%)
KSE100 98,332 Increased By 3758.1 (3.97%)
KSE30 30,692 Increased By 1247.7 (4.24%)

LAHORE: In a recent meeting with print and electronic media representatives, Mian Rashid Iqbal, President of the Multan Chamber of Commerce and Industry, highlighted the dire consequences of the recent increase in gas prices for captive power plants.

According to Iqbal, the surge in gas prices has already forced the closure of 160 out of 400 units in the textile sector, leaving over five lakh workers unemployed.

The hike, approved by the Oil and Gas Regulatory Authority (OGRA), saw gas tariffs for captive power plants soar from 2400 to 2750 per mmbtu. This marks the third significant increase in gas prices within a year, a move deemed "completely unfair" by Iqbal. He estimated that the increased prices would burden gas consumers with an additional one hundred billion rupees.

Moreover, Iqbal warned that the rise in gas prices would strip Pakistan's textile industry of its competitive edge in international markets, resulting in a decline in foreign exchange earnings and domestic exports. He said that Pakistan already faces higher taxes, gas, oil, and electricity prices, as well as interest rates compared to its regional counterparts.

To salvage the industrial sector, Iqbal urged for a reduction in gas, oil, and electricity prices, alongside lower interest rates and the elimination of unnecessary taxes. Without such measures, he cautioned of further decline in competitiveness and economic repercussions for the country.

Copyright Business Recorder, 2024

Comments

Comments are closed.