ISLAMABAD, Nov 4: The Islamabad Chamber of Commerce and Industry (ICCI) has warned the government that further rise in electricity rates would increase the cost of doing business in Pakistan.

ICCI President Nasir Khan on Saturday feared that with further increase in electricity tariffs, it would be difficult for exporters to meet $18.6 billion export target set for the current fiscal year.

He said that with the increase in tariff not only prices of general commodities would shoot up but the cost of doing business would also increase hurting the economic growth.

According to a press release of the chamber, the electricity tariff in the country was comparatively high as compared to regional countries. He urged the government to take measures for brining down the electricity charges to the level of the last two years to provide relief to the general public and the business community.

He said that the Pakistani products were facing a serious challenge in the international market because the prices of oil, gas, and electricity are increasing day by day.

The ICCI chief said that the decision of the Cabinet committee to allow private sector to produce electricity to meet its requirement was still far from implementation.

He said that big industrial units had the capacity to produce electricity, which would help in reducing load on Wapda and would cut the cost of production. He appealed to the prime minister to take steps for the implementation of the decision of the Cabinet committee to allow big industrial units to produce electricity.

Mr Khan said that despite record reduction in oil prices in the world, oil prices in Pakistan had not been reduced.