Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has said that the relief in power tariff is a step in the right direction, asking the government to continue working closely with the businessmen to monitor energy pricing and ensure long-term tariff stability for the trade and industry.
The FPCCI former president and BMP Chairman Mian Anjum Nisar, while appreciating Prime Minister Shehbaz Sharif's announcement of a substantial reduction of Rs7.59 per unit in electricity tariffs for industrial consumers, stated that it is a critical move that will ease financial pressure on both businesses, emphasizing that the relief package came at a time when it was needed the most.
Anjum Nisar called the initiative a historic intervention and a bold step towards providing relief to millions of households and thousands of businesses across the country. This tariff reduction would have far-reaching positive effects, which will not only ease the financial burden on consumers but also revitalise the industrial sector, fostering economic growth, enhancing exports, and contributing to a more competitive business environment, he said.
It is an essential catalyst for the growth of local industries. Over the years, high energy costs have hindered industrial productivity, and this reduction will bring tangible benefits to manufacturing and exports, which are the key drivers of economy, he remarked. It is to be noted that business community across the country has welcomed the reduction of power tariff for industrial consumers and expressed hope that this move would enhance exports, production capacity and reduce cost of manufacturing and help reduce inflation.
Prime Minister Shehbaz Sharif has announced a decrease of Rs 7.41 in electricity prices for residencies consumers and a decrease of Rs 7.41 in electricity tariff after receiving approval from the International Monetary Fund (IMF) reduce tariff differentials. While highly appreciating Prime Minister Shehbaz Sharif for his timely and impactful announcement of a substantial reduction in electricity tariffs by Rs7.59 per unit for industrial consumers and Rs7.41 per unit for domestic consumers, stated that it was undoubtedly a critical move to alleviate the financial pressure on both citizens and businesses that have long struggled with the burden of exorbitant energy costs.