Pakistan Rupee Exchange Rate
The federal cabinet has recently given its approval for a substantial hike in electricity prices, a move aimed at meeting the conditions set by the International Monetary Fund (IMF).The decision to raise electricity prices has come as a severe blow to the public, who are already grappling with the effects of inflation. The new tariff structure will increase the price per unit of electricity from Rs. 3 to Rs. 7.50 per unit. This major price adjustment was approved by the federal cabinet through circulation.
Earlier, the National Electric Power Regulatory Authority (NEPRA) had already sanctioned an increase in electricity tariffs for the current financial year. The federal government had formally requested NEPRA to raise the basic electricity price, and the authority is expected to conduct a hearing on this matter before making a final decision.
The proposed price adjustments will vary according to the level of consumption. For consumers using up to 100 units of electricity, the price increase per unit is set at Rs. 3. For those using 101 to 200 units, the electricity rate will be Rs. 4 per unit once the proposal is accepted.
Likewise, electricity consumers utilizing 201 to 300 units will face a proposed price hike of Rs. 5 per unit. For those using 301 to 400 units, the cost is set to increase by Rs. 6.50 per unit. Additionally, the government has proposed a significant increase of Rs. 7 per unit for consumers utilizing 400 to 700 units of electricity.
Once NEPRA concludes its evaluation, the federal government will issue a formal notification to implement the proposed tariff hike, with the scheduled date for the price increase set for July 1st. This decision has sparked concerns among the public, as it will impact household budgets and overall cost of living, further challenging citizens who are already facing economic hardships.
