Prime Minister Shehbaz Sharif has announced a reduction of RS7.59 per year. Unit in electricity prices while addressing an event in Islamabad to reveal the government’s new electricity package aimed at lowering the cost of consumers.

The decision on Thursday comes after approval from the International Monetary Fund (IMF) and is part of broader efforts to facilitate the financial burden of high electricity costs in the public.

“The country cannot move on without a significant reduction in electricity prices,” he said.

“This is no ordinary achievement,” the prime minister noted about the development while praising his government’s efforts.

The Prime Minister also provided details of revised agreements with independent power producers (IPPs) and highlighted other key forms, as he said, had resulted in savings of RS3,696 billion for national tax.

“This amount was intended to be paid for the IPPs,” she announced Shehbaz Sharif.

Prime Minister Shehbaz Sharif said also said. “Arrangements have been made to tackle circular debt with plans to eliminate it within five years, conditional on changes in behavior.”

RS7/59 per Unity cutting is a significant part of the government’s plan to reduce power tariffs, with previous proposals suggesting reductions ranging from RS6 to RS8 per year. Unit.

With details of the price cuts, Prime Minister Shehbaz explained that the speed per Unit, which was on RS58.35 in June 2024, was reduced to RS48.19, marking a decrease of RS10.3 per year. Unit. He hoped that the additional RS7 per Unit reduction announced today would benefit the population of Pakistan.

He also highlighted the ongoing question of electricity theft and estimated that the country is losing approx. RS600 billion annually because of this practice. The Prime Minister emphasized that the financial burden of these losses unfairly affects vulnerable groups, such as the poor, widows and orphans, and called for measures to eliminate electricity theft.

In addition, the Prime Minister proposed the creation of an open market in the electricity sector aimed at promoting healthy competition and further lowering electricity prices.

In his address, the Prime Minister emphasized the importance of these reforms in giving relief to the people and improving financial conditions.

He assured that these measures were taken with the goal of facilitating the financial burden of consumers, especially in light of rising electricity costs.

The message was made during a high -level meeting where senior federal ministers and officials were present.