Commerce and industry need low cost energy for high growth

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Pakistan Industrial and Traders Association Front (PIAF) Mian Nauman Kabir said industries need low-cost energy to reduce their production costs and keep their products competitive in the international market.

In a joint statement, PIAF Senior Vice President Nasir Hameed and Vice President Javed Siddiqi said Pakistani exports cannot compete with China, Bangladesh and India, where oil tariffs electricity were 7 to 9 cents, as the country’s exports could experience a major setback these days due to the high cost of electricity, which has become a major obstacle to industrial development and the revival of exports.

They said that fuel and electricity are considered the lifeline of any economy and play a central role in the socio-economic development of a country.

They observed that the government, under the current circumstances, should reduce the price of electricity along with the decline in the price of petroleum products to bring down the cost of doing business and promote industrial activities.

The Senior Vice President of PIAF said that business activities are already in decline and in this situation, the government should take serious measures to reduce the cost of doing business, as the recent rise in oil prices will further increase the cost. of production, making transport more expensive. While rejecting the recent massive increase in energy tariffs, he urged the government to withdraw its decision to raise the prices of petroleum products, as this decision will hit the industry hard.

Nasir Hameed observed that the burden of soaring oil prices in the international market is immediately shifted to the masses by the government but the price reduction process is still very slow, he noted.

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