FPCCI rejects hike in power rate

KARACHI: The president and the bearers at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have expressed concerns over the per unit increase in electricity rates.

The FPCCI was of the opinion that this all was being done on the behest and to meet the conditions of the International Monetary Fund (IMF).

FPCCI President Nasser Hyatt Maggo rejected the government’s move of raising power, besides periodically increasing rates of petroleum products. He said this would have consequential effect on cost of production in industrial sector, along with reducing the ease of doing business and exports.

This was contrary to the prime minister’s vision.

FPCCI strongly condemned the increase and stressed upon the need to review the increase in the unit price of electricity, since industrial sector was the key factor of overall energy demand and was intrinsically related to the economy.