Faisal Moiz Khan, President of the North Karachi Association of Trade & Industry (NKATI), has condemned the caretaker government’s significant increase in gas tariffs, deeming it disastrous for industries and a serious threat to the economy.

In a statement, Faisal Moiz demanded that the government reverse the recent gas rate hike immediately and establish gas rates through consultations with stakeholders, aiming to alleviate the burden on industrial production costs. He warned that failure to do so would destroy industries, particularly SMEs, and adversely impact exports.

“The industrial sector is already grappling with substantial challenges stemming from the continuous escalation in electricity and gas tariffs. The exorbitant costs of electricity and gas have become increasingly unbearable for businesses. This has rendered exporters less competitive in global markets due to soaring production expenses, jeopardising their market share,” he emphasised.

The NKATI president expressed concern over the government’s inaction despite repeated pleas from the industrial community regarding these issues. He highlighted the growing frustration within the industrial sector. He underscored the imminent risk to the survival of export-oriented industries, particularly SMEs, urging the government to acknowledge this precarious situation.

Faisal Moiz Khan called upon caretaker Prime Minister Anwarul Haq Kakar, Federal Minister of Commerce and Industry Gohar Ejaz, and Minister of Energy Muhammad Ali to retract the decision to raise gas prices. He criticised the caretaker government for its failure to implement relief measures to alleviate the distress faced by industries, warning that continued negligence would halt exports and impede economic recovery.

Therefore, he urged policymakers to adopt prudent, industry-friendly policies to sustain productive activities, foster economic growth, and generate ample employment opportunities.