ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday announced a reduction of Rs7.41 per unit in electricity prices for domestic consumers, providing much-needed relief to citizens facing exorbitant electricity bills.
Addressing a special ceremony in Islamaad attended by cabinet members and others, the premier said that the government managed to reduce the electricity rates after much deliberations with the IMF.
PM Shehbaz said unless we significantly cut electricity rates, Pakistan’s industry, agriculture, trade, or exports cannot grow, adding that the time had come to fulfill the promises made in the party’s manifesto.
Addressing an event, the Prime Minister declared that electricity prices would be cut by Rs7.59 per unit for commercial users. “With the reduction of Rs7.41 for residential consumers, the electricity will be provided at Rs34.37 per unit,” he said.
The premier’s announcement comes a month after the government requested the National Electric Power Regulatory Authority (Nepra) for a reduction of electricity prices following the approval of the International Monetary Fund (IMF), which has given its go-ahead fora Re1 per kilowatt cut in electricity rates.
He said that the latest measures will allow Pakistani industries to achieve competitiveness on the international stage.
Highlighting economic progress under his stint, the prime minister mentioned that interest rates had dropped from 22% to 12%, while inflation had fallen from 38% to single digits.
Shehbaz further announced that a permanent solution had been devised for a circular debt amounting to Rs2,393 billion.
“This debt will no longer keep circulating — it will be eliminated once and for all,” he declared, adding that it would be completely eradicated within the next five years.
