Business community hails govt decision to reduce electricity prices

The business community on Thursday welcomed the government to reduce electricity prices, calling it a significant relief that would help industries recover and boost economic growth.

Prime Minister Shehbaz Sharif announced the reduction of electricity tariff by Rs7.41 per unit.

“For residential consumers, we have decided to reduce the electricity rates by Rs7.41 per unit, after which electricity will be provided at Rs34.37 per unit. Similarly, for commercial users, we have decided to reduce the electricity rates by Rs7.59 per unit,” he said.

In a statement, the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) termed the government decision an “Eid gift” for the public and industrialists.

“This move is expected to alleviate the financial burden on industries and address their long-standing concerns regarding high energy costs, FPCCI president Atif Akram Sheikh said.

He emphasised that the tariff reduction, coupled with the recent decrease in the policy interest rate, would help resolve issues faced by industrialists.

FPCCI senior vice president Saqib Fayyaz urged industrialists to capitalise on the development by boosting exports. “2025 will be a year of economical growth for Pakistan,” he said.

Meanwhile, the Businessmen Group (BMG) and Karachi Chamber of Commerce and Industry (KCCI) also appreciated the government decision, stating that it was a critical move to alleviate the financial pressure on both citizens and businesses that have long struggled with the burden of exorbitant energy costs.

“Reducing electricity tariffs is not just a welcome relief for millions of domestic consumers and businesses, but it is also an essential catalyst for spurring the growth of local industries.

Over the years, high energy costs have severely hindered industrial productivity, and this reduction promises to bring tangible benefits to manufacturing and exports, which are key drivers of Pakistan’s economy,“ Chairman BMG Zubair Motiwala said.

KCCI president Jawed Bilwani welcomed the electricity tariff reduction, stressing the importance of continued government efforts to ensure sustainability.

“This announcement is a step in the right direction,” Bilwani stated. “However, it is essential for the government to continue working closely with the business community to monitor energy pricing and ensure long-term stability in electricity rates for both industries and households.”