Prime Minister Shehbaz Sharif on Thursday announced a Rs7.41 per unit cut in power rates across the country in a “major” relief package to reduce the burden on citizens facing exorbitant electricity bills.

Speaking at an event in Islamabad, the premier congratulated the nation and said that it was not easy to convince the International Monetary Fund (IMF) of the cut, adding that his team had gone to great lengths to achieve the feat.

For industries, he declared that electricity prices would be cut by Rs7.69.

The premier also emphasised that the government would have to take up structural reforms in the power sector, highlighting his determination to tackle the theft of Rs600 billion.

“Even though work on it has already started, we have to completely eradicate [malpractices]”, he said. “If a shopkeeper is paying the electricity bill honestly and the shopkeeper next to him does not, then it is an unhealthy competition.”

Highlighting the structural reforms to be taken in the power sector, the prime minister said the government would ensure halting power theft which was around Rs600 billion per year. Similarly, he said by establishing an open market, electricity tariffs would be further decreased.

He said there was no option but to privatise or commercialise power distribution companies (DISCOs) to reduce the burden of line losses and power theft on the national exchequer.

“I have........

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