HYDERABAD: The Hyderabad Chamber of Commerce and Industry’s president Adeel Siddiqui has warned that with industrial sector already under severe stress, imposition of another 34pc increase in gas price that will take the raise to 285pc cumulatively, will trigger a new wave of unemployment.

In a statement issued here on Saturday, Mr Siddiqui urged federal caretaker government to review decision on the raise and provide some breather to industrial sector.

He said that gas supplies for industrial sector were crucial for the continuity of production process and this sector’s problems were now multiplying considering challenges to import-dependent industry.

He said that the situation could trigger a new wave of unemployment and recalled that gas tariff was already increased by 250pc and another 34pc raise in its prices for general and process industries would be unaffordable for Pakistan’s economy.

He said that one could analyse international market and easily understand that cost of energy was declining the world over but it was showing an upward trend in Pakistan. Hardly any country could increase exports with 285pc raise in cost of energy, he said.

He said that economic degradation and unemployment were leading to proliferation of crimes in society.

Published in Dawn, February 18th, 2024