Federal Minister's Remarks in National Assembly on Attention-Drawing Notice

Minister discusses electricity price reductions and subsidy measures

Islamabad (October 25, 2024) - Posted by: The largest English Digital News Network

In a session of the National Assembly, the Federal Minister of Information expressed that the National Electric Power Regulatory Authority (NEPRA) has recently reduced fuel cost adjustments by 86 paisa per unit nationwide. The minister emphasized that the Prime Minister is keenly focused on reducing electricity prices.

The federal government has allocated a subsidy of 50 billion rupees for consumers using up to 200 units of electricity. Additionally, the Punjab government has provided a subsidy of 45 billion rupees for consumers utilizing between 201 and 500 units. The minister highlighted that the federal government annually offers 276 billion rupees in subsidies for consumers using up to 300 units.

Furthermore, the minister mentioned that K-Electric is receiving a subsidy of 174 billion rupees. He noted that lifeline and non-lifeline consumers benefit from annual subsidies, with increased support provided to consumers this year.

Five Independent Power Producers (IPPs) have been shut down, a move that the minister stated would save the economy billions. He reiterated the government’s commitment to addressing electricity issues, mentioning that quarterly adjustments, including fuel cost adjustments, are being implemented.

The closure of the five IPPs is aimed at reducing capacity payments. The minister indicated that the suspension of subsidies and fuel cost adjustments from July to September has significantly impacted electricity bills.

Both the federal and Punjab provincial governments have provided subsidies to electricity consumers, with annual subsidies available for those using up to 300 units. The minister also hinted at good news regarding eight additional IPPs, which have had their rates reduced, potentially leading to significant savings for the government.

He remarked that electricity bills tend to decrease during the winter and indicated that further reductions in electricity prices are expected before the next summer season. The minister also noted an increase in foreign exchange reserves, a new record in the stock market, and a reduction in interest rates, underscoring positive economic indicators.

He concluded by affirming that the government is progressing towards economic recovery, with a firm focus on electricity issues.

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Meta Description: Federal Minister discusses recent electricity price reductions and subsidy measures in the National Assembly, highlighting government initiatives and positive economic indicators.

Keywords: Federal Minister, National Assembly, electricity prices, subsidies, NEPRA, economic recovery.