Karachi: The Korangi Association of Trade and Industry (KATI) President Johar Qandhari has strongly opposed the recent increases in petrol and electricity prices announced by the government. Qandhari criticized the Oil and Gas Regulatory Authority’s (OGRA) decision to raise petrol prices by Rs 9.99 per liter and the National Electric Power Regulatory Authority’s (NEPRA) 170% hike in electricity tariffs, warning of severe economic repercussions.
“These price hikes have already forced over 100 industries to shut down, causing a surge in unemployment and inflation,” Qandhari stated. He pointed out that such measures are detrimental to the country’s economic stability, highlighting a drop in exports from $19 billion to $16 billion due to the increased costs.
Qandhari expressed concerns that continued rises in electricity prices would further harm exports, pushing the economy into a deeper crisis. “The inflation caused by escalating petroleum prices will worsen living conditions for the public and destabilize the economy further,” he warned.
Despite Prime Minister’s promises of relief for industrial electricity rates, Qandhari noted that these benefits have been nullified by the recent government actions. He stressed that achieving economic growth targets would be challenging under current policies, leading to decreased exports, lower incomes, and reduced revenue collection.
Qandhari urged the Prime Minister and the Federal Minister of Energy to immediately lower electricity prices for industries. He emphasized that high production costs make Pakistani products less competitive in the global market compared to those from neighboring countries like Bangladesh, Vietnam, and India, which benefit from lower energy prices.
“The government must urgently develop a relief policy for the export industry to enhance income and boost exports,” Qandhari appealed. “Immediate action is needed to stabilize the economy and support the industrial sector.”