Prime Minister Shehbaz Sharif has unveiled a significant initiative aimed at reducing electricity prices for domestic consumers and industries. Speaking at a special ceremony in Islamabad, PM Sharif announced that the electricity price for domestic consumers will be reduced by Rs7 per unit, bringing the price down to Rs34 per unit, a decrease from the previous Rs48.70. This move is part of the government’s efforts to ease the financial burden on citizens, especially in light of rising costs.
The prime minister also highlighted a reduction in electricity prices for industries, which have seen a decrease from Rs58.50 per unit to Rs48, with an additional Rs7.59 reduction. These efforts are part of a broader strategy to stabilize the economy, which, according to PM Sharif, was on the brink of default when the government took over. He credited PML-N leader Nawaz Sharif and other key stakeholders, including army chief Gen Asim Munir, for their roles in stabilizing Pakistan’s financial situation.
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In his address, the prime minister shared optimistic economic indicators, noting that inflation has dropped significantly from 38% to 1.5%, and petrol prices have been reduced by Rs38 per liter. He also emphasized that Pakistan’s interest rate has decreased from 22.5% to 12%, with expectations of single-digit inflation by 2026.
PM Sharif also discussed ongoing reforms in the energy sector, acknowledging the contributions of a special task force formed under his leadership to implement necessary changes. He stressed that tough decisions, including privatization and right-sizing, are critical for Pakistan’s long-term economic prosperity.
