On Thursday, Karachi's industrialists announced a planned strike for December 4 in protest against the recent surge in gas tariffs.
This increase, declared on October 31 by Pakistan, significantly raised natural gas prices for most households and industries, just ahead of the country's inaugural review of a $3 billion International Monetary Fund (IMF) bailout package.
Faisal Moiz Khan, President of the North Karachi Association of Trade and Industry (NKATI), and Javed Bilwani, the patron-in-chief of the Pakistan Hosiery Manufacturers & Exporters Association, emphasized in their joint statement that operational units cannot sustain operations under the burden of escalated gas rates. They highlighted how the increased gas costs have elevated the overall expense of conducting business.
Moreover, they announced solidarity from industrialists in other regions of Sindh and Balochistan who intend to join the strike on December 4.
Expressing disappointment, the leaders noted the absence of a visit from the energy minister despite assurances, pointing out that the minister had not addressed their concerns in Karachi.
The considerable hike in gas tariffs has rendered export-oriented industries financially unfeasible and less competitive in global markets. This situation arises at a critical juncture when the country urgently requires foreign exchange to mitigate the escalating trade deficit and current account imbalances.
