Prime Minister Shehbaz Sharif announced a significant reduction of Rs7.41 in electricity rates for the entire country on Thursday, aimed at providing relief to citizens burdened by high power bills.
At an event in Islamabad, the Prime Minister celebrated the accomplishment, praising the efforts of his team in achieving this milestone. He also revealed that electricity prices for industries would be reduced by Rs7.59 per unit.
The government had hinted at good news on Wednesday, teasing the announcement on its official X account with the hashtag ‘Small Eid, Big Gift,’ linking the news to Eidul Fitr.
Although earlier reports suggested a Rs8 per unit electricity price cut would be announced on March 23, the Prime Minister did not unveil this relief package during his Pakistan Day speech. Instead, he addressed challenges related to the power sector and the hurdles in securing approval for a large tariff reduction from the International Monetary Fund (IMF), promising that an announcement would come soon.
The government had also decided to maintain petroleum prices at their current level rather than reducing them by up to Rs13 per liter, with the financial impact being shifted to electricity consumers.
The ruling PML-N had previously hinted at a “big gift” from the federal government, with PM’s aide Rana Sanaullah describing the relief package as crucial in averting Pakistan’s financial crisis. He also claimed it would mark the end of negative economic propaganda.
Defence Minister Khawaja Asif expressed optimism, attributing the good news to hard work and divine favor, emphasizing that the nation’s journey toward development would continue.
Earlier, the Prime Minister’s team successfully reached a new $1.3 billion agreement with the IMF, and the IMF’s March statement revealed it had approved a minimal Re1 per unit power tariff reduction, allowing this subsidy to benefit the public.
