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Business Economy Pakistan Trending Now

Industrialists Declare Strike on December 4th

Karachi: Industrialists in Karachi have announced a strike on December 4th in protest against recent increases in gas rates.

After the first review of the $3 billion International Monetary Fund (IMF) bailout, Pakistan had announced a rapid increase in natural gas prices, primarily affecting households and industries.

Faisal Moiz Khan, President of the North Karachi Association of Trade and Industry (NKATI), and Javed Bilwani, Chief of the All Pakistan Hosiery Manufacturers and Exporters Association, stated in their joint statement that units cannot operate at higher gas rates. The cost of doing business has increased with the rise in gas prices.

They also mentioned that industrialists from other parts of Sindh and Balochistan will join their strike on December 4th.

Leaders expressed regret that despite assurances, the Minister for Energy did not visit Karachi to hear their concerns.

When the country urgently needs to control trade and current account deficits, the high gas rates have made income-based industries non-viable and non-competitive in international markets.

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