Electricity, gas and POL products: ‘Continuous rise in prices will lead to economic weakness’

KARACHI: United Business Group (UBG) patron in chief and former president of FPCCI S M Muneer said the continuous rise in prices of electricity, gas and petroleum products will lead to economic weakness in the country and domestic industries will enormous difficulties to keep the wheels on industry moving.

There is a need for the government to refrain from putting any kind of pressure on industries to increase exports.

Talking with newsmen at a dinner, Muneer said a few months ago, the federal government had announced relief in electricity prices for five zero-rated export industries, which had a positive impact on the country’s economy and exports.

The announcement is expected to bring relief to domestic export-linked industries, reduce production costs, increase exports and foreign exchange, reduce unemployment and increase government revenues, but NEPRA has made an 11-month fuel adjustment for K-Electric which has drastic negative impact.

He said the government should refrain from such measures which would create a tense situation for the people, trade and industry and its negative effects on the popularity of the present government especially Prime Minister Imran Khan.

Due to Covid-19, the industry facing huge problems and many small industries have not yet recovered, while the new wave of UK variant of pandemic has frightened the entire nation, with trade and industry suffering the most from the corona virus.

He said now once again business is closed in Punjab, while millions of people walking on the streets are not being forced to fallow SOPs, people from Karachi to Peshawar are ready to follow SOPs and wear masks.

He appreciated the services of Sindh Chief Secretary Mumtaz Ali Shah and said the country needs the best officers like him.

Congratulating the chairman-elect Sadiq Sanjrani and deputy chairman Mirza Afridi in the Senate elections, he said Prime Minister Imran Khan has achieved complete success in the Senate elections and now the institutions have to work for economic stability of the country without any controversy.

Copyright Business Recorder, 2021