Peshawar  -  The Hayatabad Industrialists’ Association in Peshawar has vehemently rejected the recent increase in gas prices and demands the reinstatement of previous rates.

During a protest held at the Industrial Estate in Peshawar, members of the local business community voiced their concerns. Muhammad Ishaq, the leader of the Hayatabad Industrialists’ Association and former president of the Sarhad Chamber of Commerce and Industry (SCCI), delivered a passionate speech during the demonstration. He highlighted a significant point of contention: their province, Khyber Pakhtunkhwa, is a major gas-producing region, contributing substantially to the national gas supply. However, approximately 45% of this gas is exported to the neighbouring province of Punjab.

Mr. Ishaq argued that it is unjust and illegal to apply the new prices of Re-gasified Liquefied Natural Gas (RLNG) to their industries when they do not predominantly consume it. He further explained that this sudden price increase would hamper their ability to fulfil existing orders and negatively impact the already fragile local industrial sector, potentially leading to substantial financial losses. 

He emphasized that the industrial sector is a cornerstone of the region’s economy and is actively contributing to the nation’s exports. A reasonable gas price is vital to maintaining competitiveness and ensuring that the cost of production does not skyrocket, subsequently affecting prices across various industries.

Faisal Kakakhil, addressing the protesters, highlighted the fact that their province is a source of relatively inexpensive gas. He argued that the people of Khyber Pakhtunkhwa have the first claim to this resource. He warned that imposing the new gas prices would not only raise the cost of production but also unleash inflationary pressures, making essential food items less accessible to the average citizen.

In response to this anticipated financial strain, manufacturers might be forced to cut their workforce and decrease the salaries of remaining employees, potentially aggravating the unemployment situation.

The protesters, carrying placards with slogans against the gas price increase, passionately called on the government to safeguard the economic stability of the region and reconsider the decision to hike gas prices.

The strong stance of the Hayatabad Industrialists’ Association and their extensive protest underscore the urgency of the matter, as the industrialists and local business community rally to protect the economic well-being of their province and its people. The outcome of their plea to retain the previous gas prices remains uncertain, but it is evident that their concerns have now gained considerable attention and support.