The Public Utilities Regulatory Commission last week announced an increase in electricity and water tariffs by 29.96% and 8.3%, respectively, effective from 1 February 2023.
AGI said the over 56 percent and 69 percent for electricity and water tarrif in the last 6 months for industry alone is unbearable.
In a statement on Monday (23 January), AGI said the latest review on utility tarrif poses a serious threat to
employment prospects and survival of businesses.
“We notice a 48% increment in water tariffs for Industry. This is not bearable, and which is a significant deviation from the 8% average increment as announced. Water tariffs shot up by an average of 21% in the last review in September 2022. The aggregate is a 69% increment in less than six months for Industry. We are anxious to see the conclusion of our discussions with the PURC on water tariffs for our beverage companies.”
“Industries have been under pressure from an unstable business environment, coupled with so much uncertainty since last year. Hoping to see signs of recovery this year, the situation is further worsened by this level of increment which poses a serious threat to employment prospects and survival of businesses,” the AGI statement said.
The AGI further called on government to help control macro-economic instability, which is a major trigger and driver for such sudden changes in tariffs levels and price hikes.