Musharraf Justifies Increase in Gas and Power Tariffs to Attract Investment
Gen Pervez Musharraf defended the rise in gas and power tariffs, stating the current rates are insufficient to attract investors. He acknowledged that power theft necessitates tariff increases and admitted that rising fuel prices will affect commodity prices. Musharraf highlighted that domestic gas prices are lower than global standards and noted the significant reductions in losses at Karachi Electric Supply Corporation due to military oversight. He addressed the implementation of the 1991 Water Accord, asserting government compliance.
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Gen Pervez Musharraf has defended the increase in gas and power tariffs, stating that the existing rates do not attract investment. He emphasized that ongoing power theft requires tariff adjustments. Musharraf acknowledged that higher fuel prices will impact commodity costs and indicated that domestic gas prices are below global levels.
He reported that the army's intervention at Karachi Electric Supply Corporation reduced losses from 44% to 30%. Additionally, he stated that the government is adhering to the 1991 Water Accord, ensuring equitable distribution among provinces, though he recognized its contentious nature.
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