LAHORE: The Ministry of Water and Power on Monday announced a two percent hike in electricity rates, which will be applicable from November 1 onwards.
The electricity price notification issued by the Ministry of Water and Power will come into effect in November 2010 and the increased rate will be included in peoples’ electricity bills for November. The new price hike will affect both domestic and industrial consumers.
The Ministry of Finance said the government was giving Rs 68 billion subsidy on electricity and its removal was included in the terms given by the IMF.
The ministry added that under the terms of agreement with the IMF, there would be an increase of 17 percent in power prices, which would be implemented
in phases.
Minister for Water and Power Raja Pervez Ashraf has already admitted that there has been a 95 percent hike in electricity prices during his time in office.
