KARACHI: Business leaders have strongly criticized the staggering 220% surge in gas tariffs over the past year, calling upon the newly-elected government and the Special Investment Facilitation Council (SIFC) to intervene. They emphasize the urgent need for research and development (R&D) efforts to explore alternative fuel sources for the local industry.
Adil Siddiqui, President of the Hyderabad Chamber of Commerce and Industry, stressed the importance of government-backed R&D initiatives to identify viable alternative fuel options, especially considering the limitations of solar and wind energy projects in certain regions. He pointed out the adverse impact of rising utility bills on small industries, which have tripled in the past year, severely straining their operations.
Zahid Mazhar, Chairman of All Pakistan Textile Mills Association (APTMA) South Zone (Sindh), highlighted the dire consequences of the steep increase in gas tariffs, leading to significant capacity closures in the textiles and apparel sector. He warned of the industry’s declining competitiveness in the global market compared to regional rivals like India, Bangladesh, and Vietnam, primarily due to exorbitant energy costs.
Mazhar emphasized the urgent need for a reduction in gas prices and uninterrupted supply to industries to prevent further closures and job losses. He highlighted the disparity in energy costs between Pakistan and its competitors, urging authorities to address this issue promptly.
Muhammad Farooq Shaikhani, President of the Hyderabad Chamber of Small Traders and Small Industry, raised concerns about inadequate gas supply and reduced services during Ramadan, exacerbating challenges for industries. He called for transparency in billing practices and criticized the manipulation of statistics to justify high bills.
Industry leaders collectively appeal for immediate government intervention to address skyrocketing gas prices and ensure the survival of businesses amidst growing economic uncertainties.
Story by GOHAR ALI KHAN
