Traders reject power price hike, threaten to shut down factories

Islamabad: Industrialists and traders rejected the recent increase in electricity prices saying that factories will not run at the new electricity rates and they will not be able to fulfill the export orders.

Vice President of Lahore Chamber of Commerce (LCC) Adnan Butt and industrialist Muhammad Khalid said that electricity rates have been increased once again by Rs7.5 per unit. Domestic, commercial and industrial units have reached an average of Rs50.

International Monetary Fund (IMF) demanded to reduce costs and losses. Government got rid by increasing the price of electricity and the industry and trade were hostile, they added.

The industrialists stated that the electricity contracts should be revised and power should be generated from alternative cheap resources, increasing the price of electricity day by day will bring more storms of non-working vehicles and inflation.

They continued to say that economic process has already stopped in the country, now they have stopped taking more export orders due to the high cost of electricity. Soon they will come to the streets and call for a nationwide protest.