Lahore Chamber of Commerce and Industry (LCCI) is vigorously advocating for the withdrawal of the recent gas tariff hike, asserting its detrimental impact on the economy at large.
In a recent meeting held at the Lahore Chamber, LCCI President Kashif Anwar and Vice President Adnan Khalid Butt articulated the pressing need for the government to promptly retract the escalated gas tariffs.
A delegation comprising representatives from various sectors including paper, board and packaging, food, and confectionary industries conveyed their concerns to the LCCI office-bearers. They highlighted the significant financial strain inflicted by the successive increments in gas prices. As a consequence, many industrialists find themselves compelled to disconnect commercial gas meters, exacerbating the already challenging operational environment. The delegation underscored the urgent necessity for the government to address industry grievances by revising gas prices downwards.
Expressing alarm over the escalating challenges confronting the industrial sector, LCCI officials noted a staggering 400 percent surge in gas prices within the current fiscal year alone. Such steep escalations, coupled with concurrent rises in electricity tariffs, pose a severe threat to the competitiveness of Pakistani exports. The resultant surge in business costs threatens to render local products uncompetitive in international markets, potentially impeding the growth trajectory of the manufacturing sector.
Emphasizing the ripple effect of gas tariff hikes, LCCI representatives cautioned against the inevitable rise in consumer prices, particularly affecting essential commodities like confectionary items. They stressed the imperative for concerned departments to exercise prudence in decision-making, particularly amidst the prevailing economic challenges gripping the nation.
At this critical juncture, even a marginal uptick in production costs could precipitate dire consequences, further marginalizing Pakistani exports on the global stage. LCCI officials emphasized that swift action to rescind the gas tariff hike is imperative to avert the looming crisis and safeguard the interests of local industries.
In conclusion, the Lahore Chamber of Commerce and Industry resolutely calls upon the authorities to heed industry pleas and swiftly reverse the gas tariff hike. Failure to act decisively risks exacerbating economic woes, jeopardizing the competitiveness of Pakistani exports, and imperiling the livelihoods of countless workers dependent on a thriving industrial sector.
