LAHORE: All Pakistan Textile Mills Association (Aptma) Chairman SM Tanveer has said that the industry is facing financial crunch due to withholding of fuel price adjustments for two months.
The Aptma chairman, in a statement, said that the Central Power Purchase Agency (CPPA) has not yet adjust the fuel price withholding worth Rs40 billion for the months of April and May 2015. He said that the government has also not notified the latest industrial tariff determined by Nepra for 2014-15 so far.
He said that the recent Nepra public hearing for the slapping of over Rs2 per unit of various surcharges on the electricity tariff on the request of the government has also panicked the industry.
“Such surcharges are irrelevant to the purchase and sales of electricity and therefore they could not be levied on the already burdened textile industry,” the Aptma Chairman added. He said that the textile industry was 100 percent compliant in bills payment with zero line losses on independent/grouped 11 KV feeders. He lamented that the government was introducing uncalled for surcharges, especially when different provincial governments and the K-Electric are in default of more than Rs 250 billion to the CPPA and the government had arranged loans to counter this default.
