Prime Minister Shehbaz Sharif has announced a reduction of RS7.59 per unit in electricity prices while going to an event in Islamabad to present the new electricity package of the government, aimed at reducing costs for consumers.
Thursday’s decision is produced after the approval of the International Monetary Fund (IMF) and is part of broader efforts to relieve the financial burden of high electricity costs in the public.
“The country cannot progress without a significant reduction in electricity prices, he said.
“This is not an ordinary feat,” said the Prime Minister on development while praising his government’s efforts.
The prime minister also provided details on agreements reviewed with independent energy producers (IPP) and highlighted other key reforms that, they said, had resulted in RS3,696 billion savings for the national act.
“This amount was destined to be paid to IPP,” Shabaz Sharif announced.
Prime Minister Shehbaz Sharif also said. “Arrangements have been made to address circular debt, with plans to eliminate it within five years, depending on changes in behavior.”
The RS7/59 per unit of cutting is an important part of the government plan to reduce energy rates, with previous proposals that suggest reductions ranging from RS6 to RS8 per unit.
Giving details of the price cuts, Prime Minister Shehbaz explained that the unit per unit, which was at RS58.35 in June 2024, was reduced to RS48.19, marking a decrease in RS10.3 per unit. I expected the additional reduction of RS7 per unit announced today would benefit the people of Pakistan.
He also highlighted the current issue of electricity theft, estimating that the country loses approximately RS600 billion annually due to this practice. The prime minister emphasized that the financial burden of these losses unfairly affects vulnerable groups, such as the poor, widowers and orphans, and requested measures to eliminate electricity theft.
In addition, the prime minister proposed the creation of an open market in the electricity sector, aimed at promoting healthy competition and further reduce electricity rates.
In his speech, the prime minister emphasized the importance of these reforms to provide relief to people and improve economic conditions.
He assured that these measures were taken with the aim of facilitating financial burden for consumers, particularly given the increase in electricity costs.
The announcement was held during a high -level meeting, where higher federal ministers and officials were present.
