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Relief for Millions as Government Withdraws Recent Increase in Electricity Prices

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In a move set to alleviate financial burdens on millions of households, the federal government has decided to withdraw the recent increase in electricity prices for consumers using up to 200 units per month. This decision, which comes as a significant relief for low and middle-income families across the country, is driven by Prime Minister Shehbaz Sharif’s directive.

The federal cabinet has swiftly approved the withdrawal of the price hike through the circulation of a summary. Prime Minister Sharif, recognizing the urgency of the situation, has instructed the approval of the circulation summary to be taken from the federal cabinet on an emergency basis, emphasizing the government’s commitment to expedite the implementation of this relief measure.

Under the government’s plan, the revised tariffs, which will be applicable to consumers using up to 200 units of electricity, are set to take effect from July to September 2024. To mitigate the impact of this decision on the national exchequer, the federal government will provide a substantial subsidy of approximately Rs50 billion, aimed at ensuring immediate relief for consumers while cushioning the financial burden.

Furthermore, the government has decided to maintain the existing tariffs for lifeline customers, particularly for those using up to 50 units per month and those using between 51 and 100 units per month.

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Prime Minister Sharif, in an official announcement, underscored that the decision to withdraw the price increase for consumers using up to 200 units is a clear demonstration of the government’s unwavering commitment to alleviating economic pressures faced by citizens, especially in the wake of the current economic challenges. This commitment is aimed at providing a sense of reassurance to the public.

The prime minister also underscored that the relief measure, which will benefit about 26 million electricity consumers, is a significant step towards reducing inflation in the country. This should instill a sense of hope in the audience about the country’s economic situation.

It’s important to note that the decision to withdraw the recent increase in electricity prices follows the announcement of a significant electricity shortfall in the country, with extensive load shedding affecting both urban and rural areas. The national power demand stands at 25,000MW, while production lags at 19,400MW, resulting in load shedding of up to eight hours in urban areas and 10 hours in rural regions.

This decisive move by the government comes after the National Electric Power Regulatory Authority (NEPRA) announced a substantial hike in power tariff, further exacerbating inflation concerns for households and businesses across the country.

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