Industrialists in Karachi are planning to shut down production on Monday to protest against the recent increase in gas prices. They estimate that this will result in an export loss of $47 million per day.
The announcement was made at the third press conference held by the Site Association of Industry (SAI) on Thursday. Representatives from various industrial associations and the value-added textile sector were in attendance.
Industrialists have already displayed banners at the offices of various trade associations, demanding that the government reduce gas prices to Rs1,350 per mmBtu.
Industrialists from Sindh and Balochistan have also joined the protest and are supporting the strategies being adopted by the Karachi Chamber of Commerce and Industry (KCCI) to address the issue.
They have requested the government to reduce gas prices to Rs1,350 per mmBtu, which is what was determined by the Oil and Gas Regulatory Authority (OGRA).
They are also opposed to the subsidies being provided to other sectors.
Industrialists believe that the new gas tariff is unfair because it requires them to pay higher prices than other sectors, such as the fertilizer industry.
The SAI president urged the government to meet with industry stakeholders to reach an agreement on gas prices.
The KCCI senior vice-president demanded the government immediately withdraw the increase in gas prices.
The SAI chief coordinator expressed concerned that the halting of exports will hurt the country's economy.
He also noted that industries are unable to raise prices for their products due to the high cost of gas.