The Ministry for Water and Power announced a hike in the electricity prices by 60 paisas/unit in the name of equalisation surcharge on Friday.
According to the notification issued by the ministry, the price has been increased to pay dues to the Independent Power Producers (IPPs). Consumers all over the country will now be collectively paying an additional Rs. 4-6 billion every month.
The government has imposed the new surcharge to meet the conditions of the International Monitory Fund (IMF). The additional amount collected at the end of the month from the customers would be added to the Universal Obligation Fund.
Another IMF condition requires that the gas prices be increased around 10 percent to 64 percent. The new tariff will be imposed from the January 1, 2015.