In another jolt to struggling masses, electricity prices in Pakistan are poised to soar by more than Rs3 per unit in the first quarter of the current financial year.
This announcement comes as the federal government prepares to file an application with the National Electric Power Regulatory Authority (Nepra) for the tariff adjustment.
The power division officials have disclosed that the power sector is currently grappling with a massive revolving debt of a staggering two thousand six hundred and two billion rupees.
In accordance with the conditions set by the International Monetary Fund (IMF), Pakistan is mandated to reduce this debt to two thousand three hundred and ten billion rupees by June. Failure to meet this target could have dire consequences for the country's economic stability.
The surge in the electricity tariff can be attributed to the sharp increase in the value of the US dollar, which has driven up the cost of servicing this daunting debt.
As a result, consumers are expected to bear the brunt of this financial strain, with an estimated increase of more than three rupees per unit in their electricity bills during the first quarter.
