Power tariff hike of Rs2.75 per unit approved

ISLAMABAD: Putting an additional burden of Rs85.2 billion on consumers, the National Electric Power Regulatory Authority (Nepra) has okayed a hike of Rs2.75 per unit in power tariff for the current quarter of the fiscal year 2023-24.

The latest hike was approved in terms of quarterly adjustment for the second quarter of FY2023-24, having a uniform impact Rs2.75 per unit on each consumer.

Currently applicable two quarterly adjustments of Rs4.43 per unit shall cease to exist from March 30, 2024, as per a statement issued by the power regulatory authority on Thursday.

It added that the authority has decided to apply the second quarterly adjustment from April 2024 onward i.e. after the expiry of the existing applicable adjustments.

The additional amount will be charged from "XWDISCOs and K-Electric" consumers, except lifeline consumers, in electricity bills of April, May, and June.

The Nepra forwarded its decision regarding the fresh hike in power tariff to the federal government which would be notified after its final approval.

Earlier in January, a hike of Rs4.12 per unit in electricity price was approved by the Nepra owing to "monthly fuel adjustment" for all consumers, except for lifeline and K-Electric customers, according to The News.

Prior to approving the hike in January, the authority had okayed a hike of Rs2.87 per unit for K-Electric consumers just two days before increasing power tariff for consumers of other DISCOs.

It is pertinent to mention here that Pakistan had recently signed a Stand By Agreement (SBA) with the International Monetary Fund (IMF) to get third tranche of loan worth $1.1 billion in which the lender sought assurances from the government on various issues such as hiking electricity and gas tariffs from July 1 besides increasing quarterly tariff adjustment and making adjustments under fuel price adjustments.