The Multan Chamber of Commerce and Industry (MCCI) President Mian Anis A Sheikh has opposed an increase of Rs 6.39 per unit in the electricity tariff under monthly fuel adjustment mechanism describing it illogical and detrimental to the industrial and commercial consumers.
In a Press Statement MCCI President demanded that fuel adjustment formula must be revamped as it is very seriously impacting the trade and industry in a negative way as well as general masses. He said it was the second massive hike immediately after Rs 3.03 per unit increase in the electricity tariff which National Electric and Power Regulatory Authority (Nepra) had approved a few days ago. He said that the combined effect of the consecutive increase would be about 122 percent that would render an additional burden of Rs 9.42 per unit on all consumers.
He was of the view that high power tariff is a big burden on businesses and consumers that could be reduced by utilising the available water resources more efficiently as water is the most viable and cheapest way to produce electricity. He said that Pakistan's exporters are losing buyers in the international market because of high cost of doing business and the decision to increase power tariff under monthly fuel adjustment system would make the Pakistani goods more uncompetitive. He urged the government to reduce electricity tariff because competitiveness would be the key to survive under the Most Favoured Nation status regime with economically strong neighbouring country India.
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