The people troubled by high electricity bills have finally received some relief as electricity prices have been slightly reduced. This reduction in rates has been officially announced by the National Electric Power Regulatory Authority (NEPRA).
According to NEPRA, government electricity distribution companies (DISCOs) will reduce electricity prices by 75 paisa per unit for their consumers. Similarly, K-Electric customers will see a reduction of 49 paisa per unit.
NEPRA stated that this reduction comes under the monthly fuel price adjustment. For government DISCOs, the decrease applies to November’s fuel cost adjustment (FCA). Meanwhile, for K-Electric customers, the reduction is based on October’s FCA.
Earlier, Prime Minister Shehbaz Sharif emphasized the importance of affordable electricity during a federal cabinet meeting. He said that lower electricity rates are essential for the growth of industries, agriculture, and exports. The Prime Minister also highlighted the challenges faced in reducing electricity prices, even suggesting the need to approach the International Monetary Fund (IMF) for further support.
Electricity Prices in Other Countries:
Former caretaker minister Gohar Ejaz shared details comparing electricity tariffs in Pakistan to those in other countries. He revealed that industrial electricity rates in Pakistan are significantly higher than those in regional countries. For instance:
- In Pakistan, industries pay 44.56 PKR per unit.
- In Egypt, the rate is 10.58 PKR per unit.
- Turkey charges 16.43 PKR per unit.
- Bangladesh has a rate of 20.89 PKR per unit.
- India provides electricity at 23.39 PKR per unit, while Vietnam and Sri Lanka charge 23.67 PKR per unit.
Ejaz suggested that the government should set electricity rates at 26 PKR per unit for consumers to boost economic activity. He stressed the need for reforms in the energy sector, including renegotiating agreements with independent power producers (IPPs) and halting payments to IPPs that do not generate electricity. Additionally, he proposed privatizing loss-making electricity distribution companies to improve efficiency and reduce costs.
A Step Towards Relief:
The reduction in electricity prices, though modest, is a welcome step for the public. High electricity costs have been a burden on households and industries alike. By addressing inefficiencies in the energy sector and bringing tariffs in line with global standards, the government can further ease the financial strain on consumers and pave the way for economic progress.
This small yet significant price cut gives hope that future measures will lead to more substantial relief for the people and businesses of Pakistan.
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