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Rising K-E rates are like rubbing salt on wounds of common man: Ateeq

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KARACHI: Ateeq Ur Rehman, Economic & Financial Analyst has said that increase in power tariff for K-E of Rs. 2.89 per unit and approved by the Economic Coordination Committee of the Cabinet with immediate effect is quite painful, not acceptable and going to be a huge problem for a common man, says a Press release.
People are already suffering from Over billing, massive load shedding, financial difficulties, this unassuming increase will be un bearable.
He added that we have seen that the Federal Budget was silent on hike in Energy Prices without giving any relief on it. There were strong assumptions that there will be a revision in the power tariff in the coming days on the higher side. Also there are plans to shift the entire burden of circular debt amounting to Rs. 2.2 trillion on masses. He said our government has the dictations from IMF to pass on the cost of inefficiencies of the power sectors to consumers.
He said people are already getting inflated bills, including the chargeable, fuel adjustment charges, electricity duty, general sales tax and government charges.
Ateeq said, the enormous increase in energy tariff will increase the cost of production and we will be out of competition from the International Market. “We are already unable to meet our Export Targets which will result into inflating the gap of Trade Deficit and increasing the balance of payment crisis.”
He suggested that on an urgent basis Government should revisit its decision in the interest of the economy and people including a common man, business community, industrialist, manufacturer, SMEs and Agriculturalist as limits have crossed for the capacity to absorb such hike. Otherwise this could be a big problem in future, he warned.