Business community welcomes electricity tariff reduction

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KARACHI: The business community on Thursday praised the decision to reduce electricity tariffs per unit per unit at Rs 7.59 for industrial consumers and per unit per unit for domestic consumers, calling it an important step in eliminating financial pressures struggling with high energy costs on business and households.

Businessman Group (BMG) Chairman Zuber Motiwala, Deputy Chairman Tahir Khaliq, Anjum Nasir, and Mian Uber Ahmed, Deputy Chairman and President of the Karachi Chamber of Commerce and Industry, Javal Bulani, Senior Vice President Zuel Arfine, with a long -awaited, welcomed industry.

In a joint statement, the leadership of the BMG and the KCCI praised the Prime Minister’s move as a “historical intervention”, which is a bold step towards providing the most essential assistance to millions of families and businesses across the country. He highlighted the widespread benefits of tariff reduction, which includes living industrial sector, increasing economic growth, increasing exports and promoting more competitive business environment in Pakistan.

Appreciating the task force in the energy sector formed by the Prime Minister, he acknowledged the partnership with Federal Minister for Energy Sardar Avais Ahmed Khan Legacy and the Prime Minister’s Assistant Assistant Mohammad Ali.

Motiwala said, “We wholeheartedly appreciate Prime Minister Shahbaz Sharif for this important decision. Reducing electricity prices is not just a welcome relief for households and businesses, but also an important catalyst for industrial growth. High energy costs have longer than the power of the C -SPACE -C -SPECIFIAH COMMERC. Stressed, “This is a step in the right direction.”

Junaid Naqi, president of the Korangi Association of Trade and Industry, also welcomed the tariff reduction, calling it a positive step for industrial growth and cost reduction. He noted that in June 2024, the deduction of industrial electricity rates from Rs 58.5 per unit will significantly benefit the business. Similarly, domestic consumers will now pay Rs 348.37 per unit, which is less than Rs 48.70 per unit.

Naqi emphasized that low electricity costs will facilitate financial pressure on industries, promote exports, and improve Pakistan’s global competitiveness. He pointed out that high energy costs have made Pakistani industries difficult to compete regionally, but the move will help strengthen the international position.

In a separate statement on Thursday, the Pakistan Business Forum (PBF) welcomed the Prime Minister’s power aid package but said that the business community has expected a rapid reduction of Rs 12 per unit to support industrial and agricultural growth.

PBF President Khawaja Mehboobur Rehman called the move a “positive start” but emphasized the need for further deductions in the coming months. He called on the government to reduce the power rates to a less kilowatt hour to increase Pakistan’s competitiveness in the region.

PBF also demanded immediate removal of PTV fees and other surcharges on electricity bills. The organization emphasized that it is very important to strengthen the Pakistani rupee to increase exports, noting that the definition of Rs 20 against the US dollar can significantly prevent inflation. The business agency also welcomed relief measures for the distribution companies (Disco) but warned that Pakistan would continue to pay for the trapped capacity without investing in the national grid, failing to effectively distribute it. PBF called on authorities to prioritize technical loss, prevent power theft, improve bill recovery, implement feeder -based transformer load shedding and implement smart grid technologies.