The National Electric Power Regulatory Authority (NEPRA) has approved a significant hike in the basic electricity tariff, raising it by Rs 5.72 per unit for the fiscal year 2024-25.
This decision has been forwarded to the federal government for final approval.
Starting from July 1, 2024, the average basic electricity tariff will rise from Rs 29.78 to Rs 35.50 per unit. The federal cabinet will make the final decision on the implementation of this tariff increase.
In a contrasting move, Prime Minister Shehbaz Sharif has reduced the price of electricity for industries and exports by Rs 10.69 per unit. The new price of electricity for this sector will be Rs 34.99 per unit. This move is expected to provide a significant boost to industrial development, leading to faster employment opportunities and economic growth. The government estimates that this move will remove a burden of over Rs 200 billion from industries.
The approval from NEPRA reflects ongoing adjustments in the energy sector, balancing between necessary price hikes and efforts to support economic growth through industrial incentives.
