The National Electric Power Regulatory Authority (NEPRA) of Pakistan has recently approved a substantial increase in the price of electricity. The hike, amounting to Rs1.24 per unit, was announced on Monday and is set to impact consumers across the country.
According to an official notification issued by NEPRA, the decision to revise the power tariff upwards was made based on quarterly fuel adjustment considerations. This move is expected to place an additional financial burden of approximately Rs46.53 billion on consumers who are already grappling with inflationary pressures.
The new rates will be reflected in the electricity bills for the months of July, August, and September. However, it’s important to note that the revised prices will not apply to consumers of K-electric, providing some relief to this particular group of customers.
This announcement comes at a time when the Pakistani rupee continues to face pressure against the US dollar in the inter-bank market. On the first working day of the week, the local currency experienced a slight decline against the greenback, depreciating by 0.05 percent. The rupee was traded at 278.05, marking a loss of Rs0.15.
Despite this, the embattled rupee managed to register a considerable gain against the US dollar last week. This improvement was largely attributed to a Stand-By Arrangement (SBA) with the International Monetary Fund (IMF).
In the open market, the Pakistani rupee settled at 277.9 while it fluctuated between 279 and 282. Meanwhile, the foreign currency exchange rates for other currencies such as the Euro, UK Pound Sterling, U.A.E. Dirham, Saudi Riyal, and others also witnessed changes.
As the country navigates these economic challenges, the impact of NEPRA’s decision on the common man’s pocket and the overall economy remains to be seen.
