PSF Prices Further Raised

The local manufacturers of polyester staple fibre (PSF) have further increased the price of the fibre by Rs 5 per kg from March 1, 2003. The new price of the fibre will be Rs 75 a kg.

This is the second quantum jump in the prices in just 15 days which have been raised from Rs 60 to Rs 75 a kg in just 15 days. The price was increased by Rs 10 per kg on February 15, 2003.

The raise in the PSF prices has been attributed to the rising oil prices leading to costlier raw material used in the manufacture of the fibre.

The textile industry has strongly protested to the unjust raise in polyester prices, saying that it would cripple the value-added textile industry, which uses the fibre in making exportable products.

They have demanded of the Government to intervene to check the increasing prices of the fibre or lower custom duty on import of polyester so that raw material needs of the value-added sector can be met through cheaper imports.