The Pakistan Business Forum (PBF) Tuesday expressed concern over a recent hike in natural gas prices and urged the government to review its decision in the larger interest of the economy.
Talking to media here, PBF President (Lahore Chapter) Momin Ali Malik apprehended that the gas tariff hike would further increase the cost of doing business and industrial production, besides raising the inflation ratio. “We anticipates that taking this effect (gas price hike) into account, the average Consumer Price Index for fiscal year-2023-24 will likely to reach 24.5 percent,” he added. Malik said, if this increase in gas rates was not withdrawn immediately, most of the industries would shut down, thus triggering massive unemployment in the country.
The PBF executive members, industrialists were also present on this occasion. He said that up to 193 percent increase in gas prices would add to miseries of the business community and industrialists. Malik said that increasing the prices of electricity and gas, the basic input of the industry, is not in the best interest of the economy, business, trade and industries. He urged the government to review its policies and provide relief to the business community by revising gas and electricity prices. The PBF also emphasised that the government should reduce the gas circular debt and eliminate gas theft and the problem of leakage, besides taking effective steps for resolving business community issues on priority.
