KARACHI: Faraz-ur-Rehman, President of the Korangi Association of Trade and Industry (KATI), welcomed the government’s announcement of gas subsidy, stating that the industrial sector had been facing difficulties due to the economic crisis and rising production costs. In light of this, by reducing the price of 13 MMBTU to 9 MMBTU by the government’s side will alleviate some of the challenges through the provision of cheaper gas.

He stated that the gas subsidy allocated for May and June, provided by the government, is insufficient. President KATI emphasized the need to extend the duration of the gas subsidy so that industrialists can take full advantage of this relief and increase exports.

Faraz-ur-Rehman further stated that the government is currently providing a monthly subsidy of Rs2 billion, and if the government completed the gas agreement with Iran, further reduction in gas prices is expected, which will directly benefit the industries and necessitate practical measures.

He added that industrialists urgently require a decrease in production costs while there are opportunities in the global market at present, but the ongoing economic crisis in the country and the blackmailing by banks prevent them from capitalizing on these opportunities. Faraz-ur-Rehman demanded an immediate extension of the gas subsidy period from the government.

Copyright Business Recorder, 2023