LCCI Commends PM for Electricity Price Cut Benefiting Industries and Households

Lahore: The Lahore Chamber of Commerce and Industry (LCCI) has praised Prime Minister Shahbaz Sharif for his decision to reduce electricity prices, viewing it as a significant move toward economic revival and providing relief to consumers. The reduction, amounting to Rs. 7.59 per unit for industries and Rs. 7.41 per unit for domestic users, is expected to lower production costs and enhance industrial competitiveness.

The LCCI leaders, including President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, and Vice President Shahid Nazir Chaudhry, expressed their appreciation for the government’s initiative. They emphasized that high electricity prices have been a major challenge for the business community, and this decision will aid in economic recovery, industrial expansion, and inflation control.

The chamber highlighted that reducing electricity tariffs has been a longstanding demand. The LCCI has consistently advocated for lower energy costs, which are seen as critical to boosting exports, creating jobs, and attracting foreign investments.

Pakistan’s exports have struggled due to high energy, raw material, and logistics costs. The LCCI noted that with reduced power tariffs, industries can produce goods more competitively, enhancing the country’s position in global markets, especially in sectors like textiles, leather, and manufacturing.

The decision is also seen as a relief for small and medium enterprises (SMEs), which form the backbone of the economy. The reduction in electricity costs is expected to ease their financial burdens, enabling reinvestment in business expansion and job creation.

Furthermore, the LCCI pointed out that electricity prices are a key consideration for foreign investors. Lower energy costs are anticipated to boost investor confidence and encourage new investments in the industrial and manufacturing sectors.

Domestically, lower electricity tariffs are expected to benefit households burdened by high utility bills, improving disposable income and purchasing power. The LCCI hopes the government will continue to support industries with business-friendly policies to ensure long-term economic stability and prosperity.