Lahore: The Pakistan Economy Watch (PEW) on Monday said load shedding has been increased in winter which is failure on the part of the authorities concerned.
Enhanced duration of load shedding proves that government efforts to resolve the longstanding issue of circular debt in the power sector remained futile, it said.
Policy of forcing country’s largest fuel retailer to buy oil from refineries and to provide it to power producers on credit has failed, said Dr. Murtaza Mughal, President PEW.He said that the short-term measure has helped reduce load shedding for some time but it has burdened the oil supplier to the tune of Rs 135 billion.
As winter bites, domestic demand will force government to slap additional cuts on supply of gas to CNG, fertilizer and industrial sectors due to its failure to contain theft, inability to import gas or boost local exploration and extraction, he said. Similarly, Dr. Murtaza Mughal said, furnace oil requirement of power stations has been steadily increasing due to decreased gas supply and reduced hydropower generation.
The situation speaks of the interest of the government which is currently busy in investing in politics only, he said, adding that ad hoc policies will never result in economic revival.Power crisis will continue to block all half-hearted attempts of the government to breathe life into crumbling economy, he observed.
Dr. Murtaza Mughal said that masses and business community has been demanding energy since democracy was reintroduced in Pakistan but their requests are falling on deaf years.It is unfortunate that despite enormous resources of energy, country has to import a huge amount of hydrocarbons, he said.
Dr. Mughal warned that if the outcome of upcoming elections resulted in a hung parliament, the fears and miseries of masses will grow.