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HomeNationalGovernment to hike power price by Rs2.8 per unit

Government to hike power price by Rs2.8 per unit

Power price hike is one of the conditions set by IMF demanding country collect Rs292 billion between Feb 2022 and June 2023

The government has announced that it would further increase the electricity tariff by Rs2.8 per unit.

Authorities have stepped up preparations to increase the price of electricity in two phases, from February to July during this year.

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The decision comes according to the conditions set by the International Monetary Fund (IMF) that demand Pakistan collect an additional Rs292 billion from consumers between February 2022 and June 2023.

Previously, the Cabinet Committee on Energy led by Federal Planning and Development Minister Asad Umar had authorized the revised plan.

It is pertinent to mention that the power sector’s circular debt during the Pakistan Tehreek-e-Insaaf (PTI)’s tenure climbed to its highest level at Rs2,476 billion in Pakistan’s history. The circular debt of the power sector increased by Rs196 billion to a record high of Rs2,476 during the first six months of the current fiscal year 2021-22 compared to the same period the previous year.

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The circular debt has increased by a monthly average of Rs32.50 billion from July to December. According to a local news outlet, the volume of the circular debt till August 2018 was Rs1,148 billion.

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