KARACHI - Textile processing industries, the backbone of value adding textile exports sector and one of the major consumers of hydrogen peroxide - has expressed grave concern over 'artificial' price-hike and shortage of hydrogen peroxide in local market.

In a statement on Monday, APTPMA Central Chairman Saleem Parekh said that the local manufacturers of hydrogen peroxide have abruptly reduced the supply of the commodity in the local market which has created panic amongst its member units.

The association described this development as counter-productive to textile sector and called for corrective steps.

"The shortage of hydrogen peroxide would adversely affect the export of textile fabrics and would deprive the country of valuable foreign exchange to the tune of billions of rupees," he said.

He said that the country's total demand of hydrogen peroxide is 4500 metric tonnes per month, of which 99 percent is consumed by textile industry and there are two plants of this chemical in the country.