Electricity and POL prices: MCCI urges government to withdraw decision

Multan Chamber of Commerce & Industry (MCCI) has strongly criticised the present increase in petroleum products, saying that it would hit trade and industry hard besides raising the graph of inflation. President of MCCI Anis'A Sheikh demanded a relief package for the industry.
Rejecting the unjust increase in the Sui gas, POL and electricity prices and urged the government to withdraw increase in the electricity and POL prices hike as the bulk increase would affect all the segments of the society. He said that the current increase of 39 percent in the prices of electricity and in POL prices would create devastating impact on the industrial sector as cost of production would increase manifold.
He expressed the concern on sluggish production activities in the industrial units due to load shedding of gas and power. He said further that the recent increase in electricity prices would give a big blow not only to the industry but also to the textile sector. Anis'A Sheikh was of the view that the government must devise a proper economic mechanism instead of adopting short-term solutions to meet the energy demands. He emphasised that the government must adopt and implement a long-term strategy to overcome the energy crisis and the rising inflation.
"Industry could grow and become uncompetitive in the regional and international markets, if government cuts agree inputs' prices," he maintained. He said that the industrialists and exporters for the last many months have been calling the government to take measures for the promotion of alternate fuels as trade deficit is widening fast due to heavy imports under the head of petroleum products.
Anis said that industrial sector in Pakistan is already in hot waters due to multiple factors including security issues, energy crisis, high interest rates, squeezing credit facilities and dwindling exports while the further increase would add fuel to the fire endangering the survival of trade and industry in the country. "Factories remained closed for 210 days last year but the banks are charging mark-up on industrial loans for 365 days," he said and demanded 50 percent relief in bank mark-up for the survival of the industry.
Mutahidda Shehri Mahaz (United Citizen Front) on Thursday organised a big rally against the price hike of Petroleum products, power tariff, and LPG, CNG, and transport fares. Hundreds of citizens were shouting slogans "Zardari, Gilani stop the fleecing," Down with Zardari, Down with Gilani". Addressing the participants Tariq Naeemullah Khan President UCF said that present rulers had got three times more foreign and local debts, depreciated the Pak rupee by 40 percent, increased the prices of POL products by 100 percent and electricity by 150 percent in four years. The demonstration was attended by Shakoor Bhutto, Ghulam Raza, Malik Niazi, Mian Tariq Arain, Qazi Ehtisham Iqbal, Chaudhry Nisar Ahmed, Khurshid Khawar, Mazhar Suhail Gujjar, Behram Khan, Naveed-ur-Rehman Baloch and others also who addressed the rally as well. Tehrik-i-Insaf also organised a big rally against price hike of POL products. They shouted slogans against the Government.