Prime Minister Shehbaz Sharif announced a reduction in RS7,41 per unit of electricity prices for household consumers while attacking an event in Islamabad to unveil the new government’s electric package, aimed at reducing costs for consumers.
He also announced that electricity rates for industrial consumers would be reduced by RS7.59 per unit.
Thursday’s decision comes after the approval of the International Monetary Fund (IMF) and is one of the wider efforts to facilitate the financial burden of high electricity costs for the public.
“The country cannot progress without a significant reduction in electricity prices,” he said.
“It is not an ordinary feat,” said the Prime Minister on development while congratulating the efforts of his government.
The Prime Minister also provided details on the revised agreements with independent electricity producers (PPI) and underlined other key reforms which, he said, had led to RS3 696 billion savings for the national chessboard.
“This amount was to be paid for PPI,” said Shehbaz Sharif.
Prime Minister Shehbaz Sharif also said. “Arrangements have been made to resolve the circular debt, with plans to eliminate it within five years, subject to behavior changes.”
The reduction of RS7 / 59 per unit is an important part of the government plan to reduce power prices, with previous proposals suggesting reductions ranging from RS6 to RS8 per unit.
By giving details on price reductions, Prime Minister Shehbaz explained that the rate per unit, which amounted to RS58.35 in June 2024, was reduced to RS48,19, marking a decrease of RS10.3 per unit. He hoped that the additional price of prices announced today would benefit the people of Pakistan.
He also underlined the continuous issue of electricity theft, saying that the country loses around 600 billion rupees per year due to this practice. The Prime Minister stressed that the financial burden on these losses has an unfair impact on vulnerable groups, such as the poor, widows and orphans, and called for measures to eliminate electricity theft.
In addition, the Prime Minister proposed the creation of a free market in the electricity sector, aimed at promoting healthy competition and further reducing electricity rates.
In his speech, the Prime Minister stressed the importance of these reforms to relieve the people and improve economic conditions.
He assured that these measures had been taken in order to relieve the financial burden of consumers, in particular in the face of the increase in electricity costs.
The announcement was made at a high -level meeting, where federal high ministers and civil servants were present.