To meet the conditions set by the International Monetary Fund (IMF), the Pakistani government has decided to extend peak hours for electricity.
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Peak hours are the times of the day when electricity demand is highest, and during this period, consumers are charged higher rates per kilowatt-hour. Starting July 1, the peak hours have been increased by two hours.
Instead of the previous 6 p.m.–10 p.m. Time frame, the new peak hours are from 5 p.m.–11 p.m. This means that consumers will be charged the highest rates for electricity during this time.
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The Power Division has determined that customers using time-of-use meters will pay Rs 49.35 per unit during the extended peak hours of 5 pm–11 pm After the peak hours, from 11 pm To 5 pm., they will pay Rs 33.3 per unit.
Customers with three-phase meters will now pay Rs50 per unit during peak hours, compared to the previous rate of Rs34 per unit. The government aims to collect, over Rs3 trillion from the public to cover line losses and reduce the circular debt in the power sector.
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Increasing the duration of peak hours is one way for the government to generate more revenue. Additionally, the government has instructed the Oil and Gas Regulatory Authority (OGRA) to develop a plan to raise gas rates.
OGRA is considering increasing gas rates by up to 50%. To meet the demands of the IMF, the government has implemented various measures, such as raising power tariffs, petroleum prices, and income taxes. However, these actions have further burdened the public as inflation remains high.
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Earlier this week, the State Bank of Pakistan (SBP) received $1.2 billion as the first installment of a $3 billion bailout package from the IMF to stabilize the economy. Moreover, Pakistan received financial support from the United Arab Emirates ($1 billion) and Saudi Arabia ($2 billion) after reaching an agreement with the IMF in June. These funds are crucial for Pakistan, which was on the verge of a sovereign debt default.
