LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday expressed serious concerns over the per unit increase in electricity rates.
Muhammad Nadeem Qureshi, Member Management Committee FPCCI rejected the increase in power prices along with the periodic hike in rates of petroleum products. He said the increase in power and fuel prices will increase the cost of production for the industrial section which in turn will impact the ease of doing business and exports.
He said the government was also preparing to increase the price of electricity after petroleum products. The Central Power Purchasing Agency (CPPA) has requested the National Electric Power Regulatory Authority (NEPRA) for an increase of Rs6.10 in the electricity tariff on account of the monthly fuel cost adjustment (FCA) for January. “If the tariff hike is approved, it is expected to impact around Rs60 billion, including GST on the consumers,” he added.
He further said the hike in power tariff might jack up almost all other products and commodities. As a result, the increase in electricity prices would hurt the national economy. Nadeem further said that rising electricity prices by the government could also jam the running industries. The country’s economy is already facing many challenges and the decision of the government to increase the cost of electricity by Rs 6.10 per unit is a matter of great concern. Earlier, the government had sharply increased the prices of petroleum products, which led to a sharp rise in inflation, he added.
Copyright Business Recorder, 2022
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