ICCI urges for reducing electricity tariff to promote industry and exports.

ISLAMABAD -- President, Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ahmed Waheed on Tuesday urged the government to reduce the price of electricity for promoting industrialization, investment and exports.

He said industrial development was essential to stabilize the fragile economy of Pakistan but the high cost of electricity was a major stumbling block in the way of business and industrial development.

He said there was a need to reduce the electricity tariff in proportion to the reduction made in the prices of petroleum products.

Waheed said despite significant cut in Pakistan Oilfields Limited prices, the government has increased the price of furnace oil from Rs. 40,000 per metric tonne to Rs. 61,000 per metric tonne within two months.

He said most of the electricity in Pakistan was generated from furnace oil but it was strange that price of furnace oil has been further enhanced despite the record decline in oil prices in the global market.

He said the government has significantly reduced the price of kerosene but the kerosene was being sold in the market up to Rs.140 per litre.

The ICCI President urged that the government to immediately investigate this matter. Muhammad Ahmed Waheed said due to

Covid-19 pandemic, business and industrial activities in the country have been affected badly which has further weakened our fragile economy.

He said that the best solution to overcome economic challenges was to promote...