Electricity prices surged in Pakistan: How much will your July bill cost?
- The federal cabinet approved a NEPRA base tariff increase of Rs5.72 per unit.
- This decision meets the IMF’s conditions for a bailout package.
- Consumers will face higher electricity bills starting in July 2024.
Islamabad, July 4, 2024 The federal cabinet has approved a substantial increase in the NEPRA base tariff by Rs5.72 per unit, effective July 2024. This decision aligns with the conditions set by the International Monetary Fund (IMF) for the recent bailout package. The approval was given through a circulation summary among cabinet members and will be forwarded to NEPRA for further action to establish a uniform tariff.
If NEPRA approves the increase, the federal government will issue a notification to enforce the new tariff rates. This adjustment is part of the IMF agreement, mandating the increase by July 10, 2024.
The tariff hike is expected to place an additional Rs600 billion burden on electricity consumers across the country. For the financial year 2024–25, NEPRA has raised the average basic electricity tariff from Rs 29.78 to Rs 35.50 per unit.
Consumers can anticipate higher electricity bills starting in July 2024. If NEPRA confirms the new uniform tariff, electricity bills will reflect the increased rate of Rs35.50 per unit, meaning customers will pay an additional Rs5.72 per unit on their electricity bills beginning in July 2024.
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This increase is a significant measure aimed at meeting the fiscal targets set by the IMF and ensuring the stability and sustainability of Pakistan’s economy in the long run. However, it also means that consumers will need to brace for higher costs in their monthly electricity expenses.
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