ISLAMABAD: A decision has been taken to implement another major condition of the IMF.
According to sources, the federal cabinet has approved an increase in the basic tariff of electricity and approval has been taken through circulation summary.
Nepra had sent the decision to the federal government to increase the basic tariff of electricity by an average of Rs5.72 per unit.
According to government sources, the decision of the federal cabinet will be sent to Nepra for uniform tariff. After the approval of Nepra, the federal government will issue a notification to increase the basic tariff of electricity.
According to the sources, under the IMF conditions, the federal government will have to increase the basic electricity tariff by July 10. As per the decision of Nepra, the increase in the basic tariff of electricity will have an additional burden of about Rs600 billion on the electricity consumers.
According to the sources, Nepra will increase the basic electricity tariff for the financial year 2024-25 and the approved increase will be implemented from July 1, 2024.
Nepra has approved an increase in the average basic electricity tariff for the financial year 2024-25 from the current Rs29.78 to Rs.35.50 per unit.
In the last financial year ended on June 30, the federal government had increased the basic electricity tariff by Rs7.50 and in the financial year 2022-23 the basic electricity tariff had been increased by Rs7.91 per unit.
The federal government had increased the basic electricity tariff for the last financial year 2023-24 in lump sum while in the financial year 2022-23, the increase in the basic electricity tariff was done in 3 phases.