ISLAMABAD: Prime Minister Shehbaz Sharif announced a reduction in electricity prices on Thursday, providing major relief to the public.
At an event for the announcement, the PM revealed that the government would reduce the electricity tariff by Rs 7.41 per unit.
“I have come to share good news about Pakistan’s economic growth on Eid. The promise made by Nawaz Sharif in the party manifesto has been fulfilled today,” he said.
He added, “The benefit of the global decrease in oil prices will be passed on to the people through lower electricity prices.”
The PM also stated, “Fortunately, the IMF has agreed to provide relief.”
The International Monetary Fund (IMF) has allowed the government to reduce electricity tariffs by Rs 1 per kilowatt-hour for all consumers.
The price cut will be financed through revenue collected via a levy on captive power plants using natural gas, according to the IMF.
Following the IMF statement, Pakistan’s Finance Minister Muhammad Aurangzeb confirmed that the government plans to reduce electricity prices soon.
In an interview last month, Aurangzeb revealed that PM Shehbaz was leading the efforts to lower electricity prices, with an official announcement expected soon.
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Aurangzeb also mentioned that the government was working on a budget to expand the tax base to include sectors like real estate, retail, and agriculture.
