AIRLINK 127.27 Decreased By ▼ -13.48 (-9.58%)
BOP 8.68 Decreased By ▼ -0.50 (-5.45%)
CNERGY 5.72 Decreased By ▼ -0.86 (-13.07%)
CPHL 67.10 Decreased By ▼ -7.45 (-9.99%)
FCCL 39.86 Decreased By ▼ -2.99 (-6.98%)
FFL 12.21 Decreased By ▼ -1.33 (-9.82%)
FLYNG 31.40 Decreased By ▼ -3.47 (-9.95%)
HUBC 119.00 Decreased By ▼ -8.28 (-6.51%)
HUMNL 11.44 Decreased By ▼ -0.66 (-5.45%)
KEL 3.92 Decreased By ▼ -0.30 (-7.11%)
KOSM 3.94 Decreased By ▼ -0.93 (-19.1%)
MLCF 60.87 Decreased By ▼ -6.22 (-9.27%)
OGDC 179.39 Decreased By ▼ -17.24 (-8.77%)
PACE 3.99 Decreased By ▼ -0.58 (-12.69%)
PAEL 37.01 Decreased By ▼ -3.60 (-8.86%)
PIAHCLA 13.58 Decreased By ▼ -1.51 (-10.01%)
PIBTL 7.10 Decreased By ▼ -0.79 (-10.01%)
POWER 13.41 Decreased By ▼ -0.50 (-3.59%)
PPL 131.91 Decreased By ▼ -13.37 (-9.2%)
PRL 24.26 Decreased By ▼ -2.69 (-9.98%)
PTC 17.43 Decreased By ▼ -1.92 (-9.92%)
SEARL 66.65 Decreased By ▼ -7.40 (-9.99%)
SSGC 29.22 Decreased By ▼ -3.25 (-10.01%)
SYM 12.17 Decreased By ▼ -1.35 (-9.99%)
TELE 5.60 Decreased By ▼ -0.79 (-12.36%)
TPLP 6.75 Decreased By ▼ -0.90 (-11.76%)
TRG 53.13 Decreased By ▼ -5.86 (-9.93%)
WAVESAPP 7.74 Decreased By ▼ -0.97 (-11.14%)
WTL 1.10 Decreased By ▼ -0.12 (-9.84%)
YOUW 3.09 Decreased By ▼ -0.26 (-7.76%)
AIRLINK 127.27 Decreased By ▼ -13.48 (-9.58%)
BOP 8.68 Decreased By ▼ -0.50 (-5.45%)
CNERGY 5.72 Decreased By ▼ -0.86 (-13.07%)
CPHL 67.10 Decreased By ▼ -7.45 (-9.99%)
FCCL 39.86 Decreased By ▼ -2.99 (-6.98%)
FFL 12.21 Decreased By ▼ -1.33 (-9.82%)
FLYNG 31.40 Decreased By ▼ -3.47 (-9.95%)
HUBC 119.00 Decreased By ▼ -8.28 (-6.51%)
HUMNL 11.44 Decreased By ▼ -0.66 (-5.45%)
KEL 3.92 Decreased By ▼ -0.30 (-7.11%)
KOSM 3.94 Decreased By ▼ -0.93 (-19.1%)
MLCF 60.87 Decreased By ▼ -6.22 (-9.27%)
OGDC 179.39 Decreased By ▼ -17.24 (-8.77%)
PACE 3.99 Decreased By ▼ -0.58 (-12.69%)
PAEL 37.01 Decreased By ▼ -3.60 (-8.86%)
PIAHCLA 13.58 Decreased By ▼ -1.51 (-10.01%)
PIBTL 7.10 Decreased By ▼ -0.79 (-10.01%)
POWER 13.41 Decreased By ▼ -0.50 (-3.59%)
PPL 131.91 Decreased By ▼ -13.37 (-9.2%)
PRL 24.26 Decreased By ▼ -2.69 (-9.98%)
PTC 17.43 Decreased By ▼ -1.92 (-9.92%)
SEARL 66.65 Decreased By ▼ -7.40 (-9.99%)
SSGC 29.22 Decreased By ▼ -3.25 (-10.01%)
SYM 12.17 Decreased By ▼ -1.35 (-9.99%)
TELE 5.60 Decreased By ▼ -0.79 (-12.36%)
TPLP 6.75 Decreased By ▼ -0.90 (-11.76%)
TRG 53.13 Decreased By ▼ -5.86 (-9.93%)
WAVESAPP 7.74 Decreased By ▼ -0.97 (-11.14%)
WTL 1.10 Decreased By ▼ -0.12 (-9.84%)
YOUW 3.09 Decreased By ▼ -0.26 (-7.76%)
BR100 10,801 Decreased By -878.5 (-7.52%)
BR30 30,667 Decreased By -2903.9 (-8.65%)
KSE100 103,527 Decreased By -6482.2 (-5.89%)
KSE30 31,478 Decreased By -2131.3 (-6.34%)

KARACHI: SM Tanveer, Patron-in-Chief of the United Business Group (UBG), emphasized that to save the country, electricity prices must be lowered.

He stated that the capacity charges amount to Rs. 9, and last year’s average fuel cost was Rs. 9.50. Combining all costs, the per-unit electricity price comes to Rs. 25, so the government should not set the price higher than this.

Speaking to the media at a luncheon in Karachi, S.M. Tanveer said the business community is confident that electricity prices will decrease within a month as the task force is working on it. He expressed hope that electricity rates will be reduced in October, as saving the country is vital.

Present at the event were UBG President Zubair Tufail, Chairman Sindh Zone Khalid Tawab, Secretary-General Hanif Gohar, FPCCI Senior Vice President Saqib Fayyaz Magoon, Vice President Zaki Ijaz, Mian Zahid Hussain, and Ahmad Chinoy.

Responding to a question from the media, S.M. Tanveer remarked that the approval of the IMF loan is an important achievement, but there is also a need for a significant reduction in government expenditures.

He said that the loan obtained from the IMF has to be repaid by running businesses, and the practice of borrowing for interest payments can no longer continue.

He also stated that CPI inflation in September will be at 7.5%, and interest rates should be brought down to single digits accordingly. Additionally, he noted that dollarized inflation is now zero; the dollar was at Rs. 280 in September last year and remains Rs. 280 this September.

Regarding exports, SM Tanveer emphasized that export-oriented industries are zero-rated, and the government will need to reinstate this zero-rating facility.

The sale of loss-making institutions is part of IMF conditions. It’s not just PIA and the steel mills, but 80 identified loss-making entities that need to go through privatization to save the national treasury.

Copyright Business Recorder, 2024

Comments

Comments are closed.