The local manufacturers of polyester staple fiber (PSF) have raised the price of fiber by one rupee only, raising the price to Rs 78 per kilogram, effective from Thursday (July 1).
It mentioned that the PSF price, which is revised every month, was already raised by two rupees per kilogram on June 1.
The textile industry sources described the nominal increase an unwarranted since the prices of raw material started showing a downward trend.
The sources felt there was no need for the increase, which seemed only for the sake of just increase without any tangible gains to the manufacturers.
The sources pointed out the new Federal budget had provided the umbrella of protection to the already highly protected polyester industry.
The sources pointed out that under commitment with the World Trade Organisation (WTO), Pakistan was bound to reduce duty on 15 items to come to the level of bound rates.
But, at the direction of the Ministry of Commerce (MoC), applied rates (existing rates) of three tariff lines of polyesters were not reduced downwards to its bound rates, they said.