Gas price hike to hit production

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Islamabad

The Pakistan Economy Watch (PEW) on Monday said the state-run gas companies have planned to drop another gas bomb on the masses to increase their profits. The gas utilities are seeking up to Rs194 hike in per unit tariff of gas to earn additional Rs93 billion by burdening the masses facing unprecedented inflation, it said. The move will stoke inflation and hit production in the industrial and agricultural sectors while it will also damage exports, said Dr. Murtaza Mughal, President PEW. The upward revision in the gas tariff will make it impossible for the central bank to reduce interest rates as expected by the business community, he added. Dr. Murtaza Mughal said that the gas prices have already been increased up to 190 percent as per the agreement with the IMF and another massive increase will take a toll on the masses and the struggling economy.—Agencies

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