WEBDESK: Prime Minister (PM) Shehbaz Sharif on Thursday has announced a reduction in electricity prices, bringing much-needed relief to the public. The announcement was made at an event, where the PM revealed that the government had decided to lower electricity tariffs by Rs 7.41 per unit.
During his speech, PM Shehbaz shared the good news on the occasion of Eid and emphasized that the reduction in electricity prices fulfills a promise made in the party manifesto by Nawaz Sharif. He also stated that the decrease in global oil prices would be passed on to the people in the form of lower electricity rates.
In addition to this, the International Monetary Fund (IMF) has given the go-ahead for a Rs 1 per kilowatt-hour cut in electricity tariffs for all consumers. This will be part of the broader plan to provide relief to the public and reduce electricity prices.
The government plans to finance the reduction in electricity prices through revenue collected from a levy imposed on captive power plants that use natural gas. This step is expected to bring down the cost of electricity for consumers in the coming weeks.
Finance Minister Muhammad Aurangzeb also confirmed the government’s plan to slash electricity prices soon, following the IMF’s approval. He mentioned that PM Shehbaz was leading the efforts and that the government was working on measures to expand the tax base, including sectors like real estate, retail, and agriculture.
It was expected that PM Shehbaz would announce significant reduction in electricity prices today.
