APTMA fears large-scale industrial closure in few months

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ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has feared large-scale industrial closure in the next few months in the wake of high energy prices.

According to details, in a letter to the Ministry of Energy, Ministry of Commerce, and Special Investment Facilitation Council, the APTMA maintained that many industries are on the verge of closure due to high tariff of electricity and gas prices.

The APTMA feared that many industries might shut down in the next few months. It added that the closure of the industries will also increase unemployment in the country.

The letter read that Pakistan is losing export market share and the industry is dying. “Power is currently being supplied to the industry at Rs 50 per unit,” it added.

The APTMA maintained that per unit of electricity is 18.5 cents per kilowatt higher than in regional countries. Gas and regassified liquefied natural gas (RLNG) prices for the textile sector have also doubled.

The APTMA said that the price of gas for industries has been increased by 250 percent last year.

Read More: Power division likely to revise electricity tariff for industries

Earlier on January 16, the Power Division has decided to revise electricity tariff for industrial consumers amid soaring circular debt that reached a staggering Rs5.73 trillion.

According to details, the development was announced during a meeting of Senate Standing Committee on Energy.

During the meeting, Secretary Power Division said a plan to reduce electricity tariff for industrial consumers from 14 cents to 9 cents per unit has been chalked out. “Revision of tariff is necessary to support the industries”, he said.

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