Major relief in power bills for homes, industry

Prime Minister Shehbaz Sharif on Thursday announced a reduction of about 12 to 17 per cent in electricity rates for various consumer categories through a combination of quarterly adjustments, savings secured from independent and state-owned power producers and diversion of petroleum and grid levies on oil and gas products. Speaking at an event especially organised to announce the tariff cut, the prime minister said an “Eid gift” of Rs7.41 per unit reduction in the national average tariff and Rs7.69 per unit cut in industrial rates was the first humble relief to the con­sumers braving agonising energy costs. He said the International Monetary Fund (IMF) had refused to allow diversion of financial impact of lower international oil prices last month towards reducing electricity rates and he himself des­ired to take up the matter with the IMF managing director as it did not involve any subsidy but simply not passing on reduction in international oil prices.