Hike in petroleum prices, electricity rates: industrialists, exporters express concern

Industrialists, exporters and traders expressed grave concern over the fresh increase in petroleum prices plus adding Fuel Adjustment Charges in Electricity Bills and called upon the Government to withdraw the increase in electricity prices and announce a relief package for textile industry.
Talking to newsmen, Chaudhry Salamat Ali, Chief Co-ordinator and ex-Chairman, Pakistan Hosiery Manufacturers and Exporters Association (North Zone) said that government is producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new highs and hurt Industrial investment. He mentioned that only because of high cost of doing business in Pakistan, a large number of industrial units had already shifted their operations to other countries and the recent decision would force more industrialists to follow the suit. Industrial investment of billion dollars also sinking in Punjab due to continuation of Gas-shedding for indefinite period and energy crisis is generating financial crisis along with the unemployment and poverty, he added.
Sardar Zafar Hussain, President Pakistan Kissan Board, said that the increase in petroleum prices would escalate the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery. The government should introduce a Green Diesel Scheme for growers, by providing a handsome amount of subsidy on diesel for smooth running of tube wells at lower cost, he added.
Expressing his grave concern over the news of further increase in electricity bills and petroleum prices, he said that Pakistan agriculture sector is engine of growth, which has reached the brink of total destruction due to increase in the agricultural input prices. Government is taking loans for their benefits and ignoring the problems of the poor masses.
Muzzamal Sultan, President Faisalabad Chamber of Commerce and Industry urged the government to withdraw oil price hike decision as it is bound to hit economy and masses alike. He said that petroleum prices were already at the highest level and any further increase would prove the last straw that breaks the camel's back.
FCCI President said that the current increase in electricity bills through fuel adjustment charges of last years in forthcoming bills and Rs 2.75 in petrol would have 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 gas and power load shedding and said that the recent increase in electricity prices would give a big blow not only to the industry but to the textile sector as well which is backbone of the economy.