Published On: Mon, May 14th, 2018
Published in Category: Karachi

Masses to pay for the excessive profit of influential industrialists: President PEW

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Karachi: The Pakistan Economy Watch (PEW) on Sunday criticised the decision to buy costly electricity from sugar mills in presence of the cheaper alternatives.

Masses braving inflation should not be made to pay for the excessive profit of the influential sugar millers, it said.

The decision to buy costly electricity from the twelve sugar mills will result in an extra profit of almost Rs five billion annually while masses will pay the price of the decision, said Dr. Murtaza Mughal, President PEW.

He said that energy sector is rife with corruption, mismanagement, and nepotism which has put the future of the country at stake. The circular debt has surpassed the mark of Rs 1000 billion.

Despite the bleak scenario, the influential are not ready to stop the plunder of the national resources which is very frustrating, he added.

Dr. Murtaza Mughal said that sugar mills owners had agreed to a tariff of Rs 8.86 per unit bit now the tariff has been increased to Rs12.09 which is amazing.

Sugar barons associated with the ruling and opposition political parties have already got over Rs10 billion on account of freight subsidy on the sugar exports during the four-and-a-half-year tenure of the present government.

Some of the dishonest cane millers have also sold electricity at higher prices after receiving it from the national grid at lower rates.

The beneficiaries of the decision to buy electricity at inflated rates include an influential politician from the province of Sindh.


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