PBF dismissed the hike of 193% in gas tariff

DNA

Lahore: The Pakistan Business Forum (PBF) have dismissed the new phenomenal expansion in natural gas prices and called it impeding for the economy, and demanding the government to reclaim its decision in wellbeing of economy.

While talking to media at PBF House on Sunday, PBF Central Vice President, Ahmad Jawad said the government’s decision shall further increase the cost of business and industrial production and also bring a new storm of inflation; as we anticipates that, taking this effect (gas price hike) into account, the average Consumer Price Index for FY24 will likely reach 24.5% year-on-year.

He communicated dread that if this whopping increase in gas rates wasn’t withdrawn immediately, the existing industries will likewise be shut down, which would trigger massive unemployment in the country.

The PBF senior members and executive members, industrialists were present during the meeting.

Jawad said that the 193% increase in gas prices would further add to miseries of the terrorism, Coronavirus pandemic lockdown business community and industrialists which have already upset over the government’s unfriendly and anti-business policies and actions.

The PBF chief said that the industrial development is already on declining and after increase in gas and electricity rates by the government, the industries will further push to standstill position and complete the verge of closure and destruction.

He said the 193% increase in gas prices will increase instead of circular debts instead of any decrease while the industries will suffer that would create unemployment in the province.

Jawad said that gradually increasing the prices of electricity and gas on the behest of the international financial institutions is not in the best interest of the economy, business, trade and industries.

He asked the government to review its policies and provide relief to the business community by revising gas and electricity prices.

PBF emphasized that the government should reduce the gas circular debt and eliminate gas theft and the problem of leakage and take steps for resolving business community issues on priority grounds.  

He made it clear that the business community will be compelled to protest if the government didn’t withdraw the recent exorbitant hike in natural gas prices.