PM Shehbaz vows to reduce electricity prices in Pakistan

Latest - تازہ ترین , Pakistan - پاکستان , / Friday, August 2nd, 2024

Prime Minister Shehbaz Sharif announced on Friday that reducing electricity prices was a top priority for the PML-N government and its allies. He emphasised that providing relief to electricity consumers was a key agenda for PML-N President Muhammad Nawaz Sharif and his administration. In his remarks at a Cabinet meeting, the Prime Minister highlighted the need to lower electricity prices to boost Pakistan’s exports. He noted that both the agricultural and industrial sectors would struggle to expand without a reduction in electricity costs, stressing that competitiveness in industry was closely tied to lower energy prices. Sharif criticised the politicisation of electricity issues, deeming it disrespectful to the public, who were seeking solutions. He urged the government to address inefficiencies and corruption within the Federal Board of Revenue (FBR) and the Energy Sector to set the country on a better path. He assured that the government was fully aware of the people’s problems and was working tirelessly to address them. Recalling the PML-N’s past achievements, PM Shehbaz noted that his government had resolved the issue of 20-hour daily load-shedding. He praised China for investing in Pakistan’s electricity production when few others were willing to do so. In 2015, the government established four LNG plants with a capacity of 500 MW each and a turbine efficiency of 64 per cent, crediting Nawaz Sharif for these initiatives. The plants, which NEPRA’s tariff was $8.5, were built for just $450,000 each. PM Shehbaz defended these agreements as sincere efforts to tackle Pakistan’s energy crisis. The Prime Minister instructed ministers and officials to inform the public about the PML-N government’s efforts to eliminate load-shedding. He also announced a 10-day extension for electricity bill payments and a reduction in industrial electricity tariffs by Rs 8.5 per unit, with a Rs 170 billion subsidy provided to the industry. Additionally, Sharif highlighted collective efforts to combat electricity theft, praising the interim government, the Sindh and Punjab governments, and Chief of Army Staff General Asim Munir for their dedication. He expressed concern over the burden on the salaried class but noted that a Rs 50 billion subsidy was granted for consumers using up to 200 units of electricity per month. Sharif acknowledged ongoing issues with Independent Power Producers (IPPs) but stated that the government was committed to resolving these challenges, although not overnight.