Islamabad Chamber of Commerce & Industry (ICCI) has condemned the decision of National Electric Power Regulatory Authority (Nepra) as it has increased electricity tariff of Discos by Rs.3.03 or 39 percent per unit.

Yassar Sakhi Butt, President ICCI strongly criticized upon passing on the fuel adjustment surcharge to the consumers and said that increase in the electricity rates alongwith the increase in the prices of petroleum products up to Rs.8.67 per liter would hit all the sectors of the economy and masses alike.

ICCI president was of the view that common man was already facing severe economic crisis because of constant hike in inflation on everyday basis. Levying of exorbitant fuel adjustment charges of 39 percent per unit would make the lives of the people more difficult, he opinioned.

He said that consistency in power tariff was the key requirement for making long term business expansion plans. Frequent increase in electricity tariff was affecting investment and also destabilizing the economy, he added.

Yassar Sakhi Butt said that that only because of high cost of doing business in Pakistan, a large number of industrial units already shifted their operations to other countries and the recent decision would force more industrialists to follow the same trend.

He further said that Government should also look at the fact that competitiveness would be the key to survive under the Most Favoured Nation status being extended to India shortly. He pointed out that that the electricity cost per unit for industry in Pakistan at 10.8 cents per kWh is 19percent higher than India at 8.8 cent per kWh. ICCI President demanded an immediate review of the decision for the survival of local industry.

President ICCI urged the Government to take the concrete steps to check line losses which would be greatly helpful to control the escalating prices of electricity rather than increasing electricity rates through passing of fuel adjustment surcharge.