Electricity consumers across the country have received relief as the government announces a reduction in electricity rates by up to 1.23 rupees per unit.

According to a notification, state-run distribution companies (DISCOs) consumers will benefit from a 1.22-rupee reduction per unit, while K-Electric users will see a 1.23-rupee cut. This price reduction stems from the monthly fuel price adjustment.

For DISCOs, the reduction applies to the fuel charge adjustment (FCA) for December, while K-Electric consumers will see the reduction applied to November’s FCA. The change will be reflected in February’s electricity bills.

The developments came earlier in the day when Prime Minister Shehbaz Sharif said the International Monetary Fund (IMF) had conveyed that it would not oppose a reduction in electricity prices.

While sharing details of his recent visit to Dubai with a federal cabinet meeting, the prime minister said IMF Managing Director Kristalina Georgieva had indicated that the global lender was open to reviewing Pakistan’s power tariff reduction plan if presented formally.

Addressing the meeting, Shehbaz said that during his meeting with the IMF’s managing director in Dubai, he had discussed the challenges faced by Pakistan’s power sector at length.

“I told her that industries can thrive and economic growth can be achieved only if production costs are reduced,” he said, adding that the IMF official had given a positive response to his proposal.

“The concern that the IMF would not accept a power tariff reduction was now dispelled,” Shehbaz said, adding that the international lender had invited Pakistan to present its plan for lowering electricity prices.