IMF’s dictation resulting in economic downward spiral, Masses fronting two-edged sword of petroleum, power price hike
Karachi (Pakistan Point News - 15th Feb, 2021) Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday dubbed continued power tariff hike as a mini-budget which is unacceptable.
Power tariff hike by Rs. 1.95 per unit will be translated into over Rs. 4 per unit after adding taxes etc. which will result in added pressure on the masses and the business community, he said.
Mian Zahid Hussain said that the decision will hit production, exports, employment and result in inflation which will reverse the recent gains on the economic front which was result of initiatives of the PM.
Talking to the business community, the veteran business leader said that power tariff hike will promote theft while masses will have to face a burden of Rs. 200 billion.
He said that now the government is not sparing lifeline customers who will pay Rs.
3.95 instead of Rs. 2 per unit. Those consuming up to 100 units will now pay Rs. 7.74 instead of 5.79 while the people consuming up to 200 units will pay Rs. 10.06 as compared to Rs. 8.11.
The consumers consuming up to 300 units will pay Rs. 12.05 per unit against the earlier price of Rs. 10.20, those consuming up to 700 units will have to pay Rs. 19.55 while they were paying Rs. 17.60 earlier while those using more than 700 units will pay Rs.
22.70.
He said that the IMF has also planned to burden masses with another Rs. 200 billion with another power tariff hike which will take place shortly.
Masses are facing the double whammy of petroleum price hike and power tariff hike, therefore, the business community reject any decision which avoids controlling line losses and theft of Rs. 400 billion to put all the burden on honest consumers.
He noted that around forty-six thousand cases of power theft have been registered but not a single offender has been punished which indicate the interest of the government in providing relief to the masses.
