ISLAMABAD, Mar 16 (SABAH): Theft and leakage of gas has touched high proportions warranting immediate remedial steps otherwise both the gas companies will collapse, a business leader said on Thursday.
Another way to save the companies from bankruptcy is to continuously increase the price of gas which is contrary to the national interests as it will harm masses and the business community, said Atif Ikram Sheikh, former president ICCI.
Continued hike in the price of gas will hit the textile industry which is the largest foreign exchange earner and second largest provider of jobs in the country, he added.
He said that almost fifteen percent gas is wasted daily which if saved can easily run a 2400 megawatt power house that can produce electricity at the cost of Rs 5 per unit as compare to Rs 8 per unit cost of LNG-run power plants or Rs 12 per unit cost of electricity produced by plants run on furnace oil.
Atif Ikram Sheikh who has also served as Chairman PVMA said that the wastage of gas if controlled can run four fertiliser plants of the size of Engro Fertilisers with combined annual profit of Rs 80 billion.
He said that country was losing 120 billion cubic foot of gas in 2011 while the losses jumped to 145 billion cubic foot in 2015 which is unacceptable.
Since 2011 the losses of both of the gas utilities have jumped into double digit while both the companies are putting burden of the losses on masses at an average rate of 8.5 percent which is unjustified and contrary to the national interests.