Textile mills forced to shut down over rising costs

MG News | October 05, 2022 at 02:22 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

October 5, 2022 (MLN): Textile mills across the country have been forced to shut down owing to energy prices, a press release issued on Wednesday showed.

Textile exporters are expected to take up the rising input costs with Finance Minister Ishaq Dar on Thursday to discuss the issues faced by the textile manufacturers.

Textile manufacturers say that the ongoing global recession which has curtailed demand in major export markets and energy crisis in country have left them with no option but to close the mills. Almost 35% of textile mills in Punjab and 25% in Sindh have been shut down due to high electricity prices, Punjab textile mills are getting electricity supply at 21 cents and gas at 9 cents or Rs2,170 per mmBtu, while Sindh-based millers are getting gas at 4 cents or Rs 880 per mmBtu.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,770.45 77.40M	1.21% 1965.43
ALLSHR	98,983.98 164.60M	1.18% 1151.98
KSE30	48,912.05 44.21M	1.18% 571.38
KMI30	235,274.51 46.52M	1.11% 2593.91
KMIALLSHR	64,484.30 98.80M	1.27% 809.25
BKTi	44,583.49 11.79M	1.61% 707.83
OGTi	34,574.38 3.74M	1.75% 594.99

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	77,025.00	77,425.00 76,475.00	130.00 0.17%
BRENT CRUDE	110.37	110.60 109.01	-1.73 -1.54%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-7.25 -6.18%
ROTTERDAM COAL MONTHLY	110.50	110.65 110.10	1.30 1.19%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	103.62	103.70 102.12	-0.76 -0.73%
SUGAR #11 WORLD	14.71	14.95 14.57	-0.09 -0.61%