Yarn merchants for reducing utility prices to save industry

Yarn merchants for reducing utility prices to save industry

KARACHI: Pakistan Yarn Merchants Association (PYMA) has asked the government to substantially reduce utility prices in order to save industry, especially small and medium enterprises (SMEs).

In a statement on Friday, Saqib Naseem, Chairman, PYMA, Muhammad Junaid Teli, Vice Chairman, Sind and Balochistan region, have termed the sharp rise in prices of petroleum products by Rs30, excessive power tariff and severe energy crisis as catastrophic for business and industry, and demanded from the government to save industries, especially SMEs, from catastrophe by significantly reduce petroleum prices.

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They also requested to reduce utility charges so that trade and industrial activities can be continued without any delay.

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In a statement, PYMA office-bearers said that the business community is worried as the SBP has already raised interest rates by 150 basis points (1.5 per cent) to 13.75 per cent, and along with the energy crisis, a sharp rise in petroleum product prices will now break the back of the business community. Therefore, any move that is detrimental to business and industry should be avoided.

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Saqib Naseem, Junaid Teli demanded the government to withdraw the recent increase of Rs 30 in petroleum products to facilitate trade and boost trade activities, and take steps to overcome the energy crisis by reducing electricity and gas prices so that business and manufacturing activities can continue unabated.

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