Prime Minister Shehbaz Sharif on Thursday announced a reduction of RS7.41 per unit of energy rates throughout the country in an “important” aid package to reduce the burden of citizens who face exorbitant electricity bills.
Speaking in an event in Islamabad, the prime minister congratulated the nation, and added that it was not easy to convince the International Monetary Fund (IMF) of the cut, and that his team had gone to large lengths to achieve this.
For industries, he declared that electricity prices would be reduced by RS7.59.
The prime minister also emphasized that they would have to assume structural reforms in the electricity sector.
The Government wrote on Wednesday in its official X account that “great news for the entire nation” would be announced today, without providing any details about the announcement itself. The publication had the hashtag ‘small eid, great gift’, which refers to Eidul Fitr.
Last month it was widely reported that the prime minister would announce a reduction of RS8 per unit in the electricity rates in his speech before the nation on March 23. However, the prime minister did not announce any relief package in his speech of Pakistan.
Instead, he presided over a meeting on the electricity sector in the light of a last minute hypo after a substantial reduction in electric tariffs could not exceed the background. The prime minister reiterated that a cut in electricity rates “would be announced soon.”
It should be noted that the Government had decided to maintain oil prices at the existing level, instead of a cut of up to RS13 per liter prepared by the oil regulator and the oil division, promising to transfer their financial impact to electricity consumers.
Meanwhile, the ruler PML-N had said that Prime Minister Shehbaz would give a “great gift from the federal government to the people.”
Rana Sanaullah, the prime minister assistant, wrote in X that the long -awaited help package “would frustrate the predetermined plot of Pakistan.”
“The value market rally, remittances increase and inflation falls, tomorrow the propaganda of despair will end!” The prime minister’s advisor held in Wednesday’s publication.
Defense Minister Khawaja Asif had also published about the announcement, describing it as “good news … which will be the fruit of hard work and the result of Allah’s grace since 2022”.
He added: “This development trip, progress and economic revival will continue.”
On March 26, Prime Minister Shehbaz team unlocked the new $ 1.3 billion agreement with the IMF, along with a successful first review of the 37 -month rescue program.
The IMF revealed in March that it had allowed only one RE1 per reduction unit in the energy rate against a network tax for industrial captive electrical plants.
“The program allows a subsidy and differential income explicit tariffs of CPP companies (captive energy plants) can be used to reduce the electricity price RS1 per kWh (kilowatt-hora).
“The benefit of prices reduction will go to all,” the IMF resident resident representative in Islamabad Mahir Binici told reporters.
More to follow
