KARACHI
\nSohail Nisar, Senior Vice Chairman, Pakistan Yarn Merchants Association (PYMA), after the discontinuation of the electricity concession package, while expressing deep concern over the discontinuing the gas concession package for the textile sector by Oil & Gas Regulatory Authority (OGRA).
\nHe has appealed to Prime Minister Shehbaz Sharif to continue the concession packages for electricity and gas to save the textile industry, which is a backbone of the national economy, from destruction.
\nIn a statement, Sohail Nisar said that the government had already terminated the electricity relief tariff, which had resulted in a large number of Power Looms being shut down, and even after Eid al-Fitr, could not be restarted. Now, the discontinuation of the gas concession package will cause an enormous increase in the production cost of the textile industry.
\n\u201cAs gas is the fundamental raw material for keeping the production activities of the textile industry running, the government should create ease for industries and take measures to reduce production costs instead of creating difficulties. This will enable timely production of export goods and the delivery of orders to foreign buyers as promised.\u201d
\nHe further said that according to the media, the federal government has ended the supply of RLNG at $9\/MMBTU to the textile, sports, surgical, leather, and jute sectors, while withdrawing a subsidy of Rs. 80 billion on gas for these five sectors.
\nAfter this, the export sectors will have to pay an additional $4\/MMBTU on RLNG, while the gas rate for these income sectors will now be $13 per unit, and the agreed-upon rates will be implemented on all income sectors from May 1st.
\nAs a result, textile units may have to close down, causing the fear of unemployment for millions of workers.<\/p>\n
Sohail Nisar strongly demanded from the government to continue a subsidized package for electricity and gas for the textile industry, as the industries cannot bear the burden of additional costs, and production costs will become unbearable.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Sohail Nisar, Senior Vice Chairman, Pakistan Yarn Merchants Association (PYMA), after the discontinuation of the electricity concession package, while expressing deep concern over the discontinuing the gas concession package for the textile sector by Oil & Gas Regulatory Authority (OGRA). He has appealed to Prime Minister Shehbaz Sharif to continue the concession packages for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-329613","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n