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Business Economy Latest Pakistan

The Aftermath of the Sharif government, Electricity Price Increased by 5.40 rupees Per Unit

Islamabad/Karachi/Peshawar/Rawalakot: The government has once again dropped an electricity bomb on the already inflation-stricken public. Nepra has approved a 5 rupee and 40 paisas per unit increase in electricity prices. The fourth quarterly adjustment for the fiscal year 2022-23 was heard in NEPRA, in which approval was granted to further increase in electricity prices. This new increase in electricity prices has been implemented as part of the fourth quarterly adjustment for the year 2022-23. NEPRA will issue a detailed decision on the quarterly adjustment later, while this addition will not apply to lifeline electricity consumers.

During the hearing, NEPRA member Rafique Sheikh said Pray to Allah for betterment, we also pay bills like the consumers. The increase in electricity prices will impose an additional burden of 144 billion 690 million on consumers. Importantly, continuous increases in electricity prices are not only making citizens mentally distressed but the business community is also unhappy with the government policy and is forced to protest against electricity price hikes.

On the other hand, in the Rawalakot region of Azad Kashmir, citizens burnt over 30,000 electricity bills. In Rawalakot, citizens protested against the increase in electricity rates and load shedding. During the protest, citizens burned electricity bills at more than 20 places. The protesters demanded that Kashmiris should be exempted from electricity load shedding and electricity tariffs should be set in Gilgit-Baltistan style in Kashmir.

In Peshawar too, the business community took out a rally from Qissa Khwani Bazar to Ghanta Ghar against inflation and chanted slogans against the government. According to the protesters, the prices of all commodities including petrol are increasing daily, people will have to come out on the streets to deal with the storm of inflation and if inflation is not reduced, they will protest daily.

On the other hand, in Faisalabad, the sea and Jaranwala roads were closed due to citizens’ protests against expensive electricity. In Karachi too, small traders protested against the increase in electricity, gas, and petrol prices at Regal Chowk. The protesters said they will not pay electricity bills until their demands are met.

In addition, the US dollar reached a historic high against the Pakistani rupee, surpassing Rs300 in the interbank market. It was being traded at Rs300.4, while in the open market, it was valued at Rs 314. This surge follows the previous day’s closing rate of Rs299.64, as reported by the State Bank of Pakistan.