Electricity prices skyrocketed, business began to grind to a halt, 100 mills closed including the famous Satara textiles.

LAHORE: About a hundred factories, including Satara Textile Mills, have shut down their operations due to the sharp increase in energy rates and skyrocketing markup prices. . The rest of the textile mills reduced their production by half. The recent shutdown has resulted in the loss of an additional 200,000 jobs in the country’s third most populous city.

The workers and the owners of the mills said that the management of these factories with the current prices of electricity and gas was not affordable and they demanded a reduction in the rate of marking those, more factories are expected to close in next month.

Officials of the Pakistan Textile Exporters Association noted that the current conditions of the global market are favorable for export growth, as many American and European brands are moving away from China, and the situation in Bangladesh is beneficial to the Pakistan’s export order and mill owners high electricity rates and the need for cheap energy sources. They also asked for a reduction in interest rates and an independent audit of energy. These leaders argued that the IPP paid more than its investment, resulting in unaffordable electricity prices and significant industries are closed .