NEPRA raises electricity tariffs by Rs7.91 per unit

NEPRA raises electricity tariffs by Rs7.91 per unit

NEPRA raises electricity tariffs by Rs7.91 per unit

NEPRA raises electricity tariffs by Rs7.91 per unit

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  • The one-unit price of electricity has increased from Rs16.91 to Rs24.82 as a result of the new raise.
  • The rise in tariffs has been attributed to the rupee’s depreciation and increased oil prices on the foreign market.
  • Nepra has set the national average tariff for the financial year 2022-23 at Rs24.82 per unit, up Rs7.91 from the previous average tariff.
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved an increase in power pricing of Rs7.91 per unit.

The one-unit price of electricity has increased from Rs16.91 to Rs24.82 as a result of the new raise. The hike has been reported to the federal government by Nepra. According to a statement, the increased tariffs will take effect after the government issues its final notification.

The rise in tariffs has been attributed to the rupee’s depreciation and increased oil prices on the foreign market.

Nepra has set the national average tariff for the financial year 2022-23 at Rs24.82 per unit, up Rs7.91 from the previous average tariff.

According to the statement, the government determines the new tariff based on distribution and transmission losses, as well as revenue generated by various distribution companies.

Read More: Nepra Increases Power Tariff By Rs4.83 Per Unit For KE’s Consumers

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Despite the government’s plan to raise fuel prices by 25%, the International Monetary Fund (IMF) had declared a day earlier that “Pakistan needs to take wide-ranging steps to repair macroeconomic stability,” implying that the program’s recovery would not be easy.

Earlier, IMF Resident Representative Esther Pervez stated, “The set of policies and reforms to repair macroeconomic stability is wide-ranging.”

She pointed out the elimination of fuel and energy subsidies, as well as the fiscal year 2022-23 budget, as areas that must be addressed in order to “repair” the economy and meet the Extended Fund Facility (EFF) program’s goals.

“Implementing a package of comprehensive actions, including the removal of fuel and energy subsidies and the FY2023 budget, will be important to achieve the programme objectives,” said Perez.

Read More: NEPRA increases electricity price by Rs2.86 a unit

The IMF also stated that an agreement might not be reached until Pakistan takes additional actions, such as achieving an agreement with the IMF on tax ideas and the budget framework for the coming fiscal year.

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Esther described recent talks with Pakistan as “very constructive,” adding that the talks are still ongoing with the Pakistani government. Pakistan and the IMF convened in Doha, Qatar, from May 18 to 25, but were unable to reach an agreement at the staff level.

The envoy was cited as stating, “The IMF looks forward to facilitating review progress via continued dialogue and close engagement with Pakistan’s government.”

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