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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
22,073
3924hr
Pakistan Cases
950,768
93024hr
2.04% positivity
Sindh
333,194
Punjab
345,251
Balochistan
26,776
Islamabad
82,431
KPK
137,247

Exporters have asked for cut in the power tariff following the global drop in oil prices, providing some relief to the industry.

Former chairman of Rice Exporters Association of Pakistan (REAP), Rafique Suleman said lower oil price in the international market will not only help to reduce the country's oil import bill but will also comfort the inflation pressure.

He appreciated the steps taken by the federal and provincial governments for controlling the Covid-19 and said there is need to take some more measurers to facilitate the industry and export sector.

Following the massive reduction in oil prices in the world market, the federal government has already passed on the benefits to the general public and currently oil prices in the country are lowest level of last few years. He said the Covid-19 pandemic has hit the economies around the world and the industrial production of Pakistan is also facing many challenges.

In this situation, the federal government can provide some relief to the industrial and export sector by reducing the power tariff according to reduction in the world oil prices. There are a number of examples that the consumers have paid the differential of higher oil prices of previous years.

"In the current situation, where oil prices are falling in the international market, local electricity tariff should be revised lower side to support the industry and export sector", Suleman demanded.

As the utility bills are major part of cost of production, the reduction in the power tariff will reduce the cost of production of industry and help to increase their competitiveness in the world market, he added.

The Covid-19 has hit all the segment of the society, particularly the industrial and export sector, which is facing severe financial crisis and this situation, reduction in the power tariff will be a major relief for the exporters, Suleman said.

"Our exports like other countries are already on decline and hopefully, relief in the power tariff will help to increase the exports and earn more foreign exchange for the country", he added.

Copyright Business Recorder, 2020