Pakistan PM likely to announce cut of PKR 6-7 per unit in electricity prices

Pakistan Prime Minister Shehbaz Sharif is likely to announce a reduction in electricity tariffs by PKR 6-7 per unit on Thursday, sources have told Nukta.

The prime minister will chair a high-level meeting on the power sector on Thursday, which will be broadcasted live.

According to federal government sources, consumers will start seeing the effect of the reduction in their bills from April. The benefit of revised agreements with independent power producers and increase in captive power levy will be given to the consumers, they added.

Sources claim that the benefit of the quarterly tariff petition will also be given to the consumers, which will be announced by the premier.

Furthermore, Prime Minister Sharif will also announce important reforms in the power sector, and give details on revised agreements with IPPs and other matters.

Sources in the Ministry of Finance said the prime minister will hold an important meeting with prominent business figures in Islamabad on Thursday.

Around 336 business tycoons and cabinet members will be present in the meeting.

The International Monetary Fund, with which Pakistan recently reached a staff-level agreement, had approved a reduction of PKR 1 per unit in the basic electricity tariff on the government’s request, after which the government submitted a request to the regulatory authority to make electricity cheaper.

A few days ago, an announcement was also made to maintain the prices of petroleum products, on which government sources said that Prime Minister Sharif had decided to provide relief in electricity prices instead of reducing the prices of petroleum products and had directed the relevant ministries to take steps in this regard.