KARACHI: President of the Apex Body of Manufacturers, the Employers Federation of Pakistan (EFP), Ismail Sattar, has recommended a 40 percent reduction in gas price.
In a statement issued today (Tuesday), he said that the gas price in the current economic landscape of Pakistan with COVID situation and beyond is nothing less than exorbitant.
He further said that the legitimate demand to cut gas price is in line with the earlier sharp fall in rates of global crude oil, which was followed by a similar dip in the local petrol prices.
EFP president highlighted that the demand for gas price reduction was being made on practical grounds under the present pricing formula. He said that the immediate need for fair and decisive action by the government to ensure a level playing field that would incentivize the gas sector and expand overall competition in the local economy.
“The cheap gas price will benefit the local industries in terms of low input costs. Similarly, manufactures and exporters will be able to develop a more competitive outlook for their products” he added.
EFP president also said that a swift and positive decision would ultimately play a stabilizing role in the national economy and also contribute to addressing the rampant energy crisis in Pakistan.
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