To meet International Monetary Fund (IMF) conditions, the government has decided to increase power hours, effective July 1, JEE News reported on Sunday.
Peak hours are the times of the day during which electricity demand is highest. During this period, people are charged the highest amount per kWh consumed.
According to JEE News, the peak hours have now been extended by two hours, i.e. instead of 6 to 10 pm, the time has been changed from 5 to 11 pm.
The Power Division has decided that time-of-use meter consumers will pay Rs 49.35 per unit during working hours from 5 pm to 11 am and Rs 33.3 per unit after 11 am to 5 am. will do
Three-phase meter owners will now pay Rs 50 per unit during maximum hours as against Rs 30 per unit earlier.
To meet line losses and overcome the power sector’s revolving debt, the government aims to collect more than Rs 3 trillion from the public – and more often as a way to raise revenue.
The government has also directed the Oil and Gas Regulatory Authority (OGRA) to prepare a plan for increasing gas prices. Meanwhile, Ogra has planned to hike gas rates by up to 50 percent.
The government has taken several measures to meet the IMF’s demands, including hikes in electricity rates, petroleum rates and income tax. However, this has further burdened the public as inflation remains at high levels.
The State Bank of Pakistan (SBP) earlier this week received $1.2 billion from the IMF as the first tranche of a $3 billion bailout to stabilize the economy.
After teetering on the brink of sovereign debt default, Pakistan also received $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia earlier this week, as both reached an agreement between Islamabad and the IMF in late June. The agreement was assured.
