Increase in prices of energy, petrol termed disaster for industry

KARACHI: President of United Business Group (UBG), Zubair Tufail has said that the frequent increase in the prices of gas and electricity and oil is causing disaster for the country's industry. The increase is also unwarranted, in the deteriorating economic and political conditions, national investors are once again looking to invest abroad to protect their capital, the government immediately re-introduced its policy of continuous increase in energy prices.

Zubair Tufail said that in the current situation, the need is to make the production of electricity at a lower cost to reduce the cost of production, but if K Electric does not shift to cheaper energy, it will make the unsatisfactory performance worse and the electricity will be expensive. He said that if the management of K Electric focuses on alternative energy, it will improve the performance of K Electric.

He explained that the direct result of rising energy costs is the increase in production costs in all industrial sectors, forcing businesses to pass these costs on to consumers and consequently prices.

While the massive increase is adding to the financial pressure on consumers already struggling with inflation for the past two years, there is a need for a caretaker government instead of putting pressure on the incoming government, the Federation of Commerce and Industry and prepare an integrated energy policy in consultation with the leadership of the industry (FPCCI) so that the country's industries run and employment opportunities are available to the youth.

Copyright Business Recorder, 2024