Islamabad [Pakistan], July 4 (ANI): Amid the shortage of gas and electricity supply in Pakistan, around 400 textile mills in Punjab province are facing closure and are unable to fulfil their export orders.

The closure of the textile mills has resulted in the termination of thousands of daily-wage employees.

"It is not possible for us to run textile mills on pricey diesel and if the closure continues, the textile exports will witness a $1 billion decline," ARY News reported quoting the All Pakistan Textile Mills Association (APTMA).

APTMA has talked to Pakistan's PM Shehbaz Sharif regarding the decline in textile exports due to the existing gas and power shortage, ARY News reported citing sources.

Gohar Aijaz, Patron-in-chief of the APTMA, has demanded the Prime Minister to restore supplies to the industry as soon as possible.

Earlier, a local media report stated that the textile industry decided to remain closed from July 1 to July 8.

The suspension of gas supply will affect the industries in Punjab as 70 per cent of textile mills are primarily located in that region.

According to the publication, the shortage of gas supply has already reduced textile production by up to 30 per cent and the latest suspension will reduce the output by up to 50 per cent, which will affect the economy of the country.

The interrupted gas supply to the industries has been affecting the exports that will impact the achievement of USD 26 billion targets for the next fiscal year besides increasing unemployment.

The Sui Northern Gas Pipelines Limited has apprised the textile mills about the gas supply suspension receiving gas supplies from the captive power plants, according to ARY News citing sources.

Sources added that the decision for suspending the gas supply was taken to continue uninterrupted supplies to the power and fertiliser sectors.

APTMA had previously warned of major economic loss to the country due to gas suspension and demanded the authorities to resume the supplies.

Meanwhile, the Pakistan government once again increased the petrol prices by PKR (Pakistani rupee) 14.84 per litre.

After the recent hike, the new petrol price has been fixed at PKR 248.74 per litre, the Pakistan Finance Ministry announced.

While the kerosene oil price increased by PKR 18.83 and the rate of light-speed diesel has been jacked up by PKR 18.68 per litre, the notification reads.