Textile sector on its knees after rising energy prices

LAHORE: The textile sector is going through a severe crisis due to skyrocketing energy prices as 150 textile mills shut down in the last five months, ARY News reported on Friday.

According to the details, a total of 150 spinning and weaving textile mills in the country were closed in the last five months due to an increase in the energy crisis in Pakistan, which results in the unemployment of at least 2 million people.

While criticizing the economic strategy of the current government the mill owners said, “production cost of the industry has increased by 100% under the current government.”

The owners complained about the increase in energy prices, saying “in the previous govt era, the electricity rates were Rs18, which have now increased to Rs 36, petrol hiked from Rs 150 to Rs 245 per litre.

The mill owners said that gas is not available to the industries, letters to credit (LCs) are not opening for import due to which raw materials are not available for the textile industry.

The government has to take immediate notice of the situation otherwise more textile mills will be closed down.