PESHAWAR: Industrialists have rejected the recent unprecedented increase in natural gas prices and called it detrimental for the economy, businesses, trade and industrialization and demanding of the government to immediately take back its decision in best interest of economy, businesses, trade and industries.

Ayub Zakori, who is president of Industrialists Association Peshawar (IAP) while chairing a meeting here at association office said the government’s decision will increase the cost of business and industrial production and also bring a new storm of inflation that, would severely affect the people associated with every sector of life including the business community. He expressed fear that if this whopping increase in gas rates wasn’t withdrawn immediately, the existing industries will also be closed down, which would trigger massive unemployment in the province. The IAP senior members and executive members, industrialists were present during the meeting.

Ayub Zakori said that the 193% increase in gas prices would further add to miseries of the terrorism, Corona virus pandemic lockdown business community and industrialists which have already upset over the government’s unfriendly and anti-business policies and actions. He said that the industrial development in Khyber Pakhtunkhwa is already declining and after increase in gas and electricity rates by the government, the industries will further push to standstill position and complete the verge of closure and destruction. He said the 193% increase in gas prices will increase instead of circular debts instead of any decrease while the industries will suffer that would create unemployment in the province.

Ayub Zakori said that gradually increasing the prices of electricity and gas on the behest of the international financial institutions is not in the best interest of the economy, business, trade and industries. He asked the government to review its policies and provide relief to the business community by revising gas and electricity prices.

The IAP president emphasized that the government should reduce the gas circular debt and eliminates gas theft and the problem of leakage and take steps for resolving business community issues on priority grounds.

He made it clear that the business community and industrialists will be compelled to protest if the government didn’t withdraw the recent exorbitant hike in natural gas prices.

Copyright Business Recorder, 2023