Shahbaz announces major reduction in electricity prices

Prime Minister Shahbaz Sharif announced a massive reduction of electricity tariff by Rs7.41 per unit for domestic consumers and Rs7.59 for the commercial users.

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He unveiled the long-awaited decrease in electricity prices during a ceremony that was also attended by his cabinet ministers and industrialists and business.

“For residential consumers, we have decided to reduce the electricity rates by Rs7.41 per unit, after which electricity will be provided at Rs24.57 per unit. Similarly, for commercial users, we have decided to reduce the electricity rates by Rs7.59 per unit,” the premier said.

“Unless we significantly cut electricity rates, Pakistan’s industry, agriculture, trade or exports cannot grow,” Sharif said and added that the government managed to reduce the electricity rates after much deliberations with the International Monetary Fund (IMF). “We need to honour the conditions fixed with the IMF,” he said.

The prime minister said that the latest measures will allow Pakistani industries to achieve competitiveness on the international stage. He said the government needs to “immediately privatize or provincialise electricity companies.”