LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has denounced the recent increase in electricity prices, labeling it as a significant setback for trade and industry.
In a joint statement issued by President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry, and Vice President Adnan Khalid Butt, the LCCI expressed concern over the National Electric Power Regulatory Authority (NEPRA)’s decision to raise the power tariff by Rs. 7.05 per unit, citing fuel charges adjustment (FCA).
The LCCI officials emphasized that the continuous escalation in power tariffs is adversely impacting both exports and local businesses. They criticized the government for repeatedly hiking electricity prices, leading to exorbitant bills that far exceed the monthly income of many individuals.
Highlighting the indispensable role of electricity as a primary input for industries, the LCCI office-bearers warned that failure to address such anti-industry measures would result in the complete collapse of the manufacturing sector, relegating the country to merely a trading hub.
Furthermore, they underscored that Pakistan’s electricity costs are already disproportionately high compared to neighboring countries, rendering Pakistani products uncompetitive in the global market. They lamented the loss of significant market share to countries like Bangladesh and India due to soaring production costs.
The LCCI representatives criticized the disproportionate burden imposed on customers who diligently pay their bills and experience minimal line losses. They cautioned that the hike in electricity prices would likely fuel a surge in theft and urged the government to prioritize curbing line losses and promoting renewable energy generation.
In a plea to policymakers, the LCCI called attention to the stagnant growth rate of the manufacturing sector, urging immediate intervention to alleviate the adverse effects of the electricity price hike.
The LCCI concluded by urging the government to promptly address the situation by announcing a substantial reduction in electricity prices.
Copyright Business Recorder, 2024