KARACHI: SITE Association of Industry chairman Younus M Bashir has flayed 62% hike in gas rates and imposition of exorbitant gas Infrastructure Development Cess (GIDC) and termed those as a negative impact on industrial development.
Expressing his surprise over the sudden unjustified increase in GIDC for industrial consumers, he stated that the highly excessive gas rates would cripple the entire industry, which was using gas for production process.
He further expressed the fear that punitive increases in the gas tariff, especially excessive GIDC may well negate the initiatives taken in the federal budget 2014-15 for the industry.
He further added that the incentives granted to the industrialists through textile package would not be beneficial if the levy of exorbitant GIDC was implemented.
Referring to the gas rates of other countries of the region, he stated that in Bangladesh, gas rates were around equal to two US dollars only.
Chairman SITE Association urged the federal government for immediate review of the gas rates announced in the federal budget 2014-15.