The National Electric Power Regulatory Authority (NEPRA) approved an increase of Rs7.91 per unit in the power tariff under its Multi-Year-Tariff for next fiscal year 2022-23.
According to NEPRA, with the latest increase, the national average tariff has risen from Rs16.91 per unit to Rs24.82 per unit.
NEPRA on Thursday said distribution companies had sought the hike on account of the Multi-Year-Tariff. In a petition, the distribution companies cited increase in fuel prices, capacity costs and the ongoing depreciation of Pakistani rupee against the US dollar as reasons.
NEPRA informed that the new tariff will become applicable following release of notification by the federal government.
The development comes days after the power regulator approved a Rs3.99 per unit hike in electricity tariff on account of the fuel cost adjustment for April 2022.
In a hearing conducted to consider the Central Power Purchasing Agency’s (CPPA) petition for fuel cost adjustment for April 2022, the authority stated that the increase will be applicable to all power distribution companies except K-Electric and lifeline energy consumers for one month only.
Pakistan’s petroleum group imports have shot up 95.84% to hit a record high of $17.033 billion in July-April 2021-22 compared to $8.697 billion during the same period of the last fiscal year, revealed data from Pakistan Bureau of Statistics (PBS).
The PBS data revealed that the petroleum group registered 19.44% growth in April 2022 and remained at $2.223 billion when compared to $1.861 billion in March 2022 and registered a 94.38% growth on a year-on-year basis in April 2022 when compared to $1.143 billion during the same month of last year.
Last month, Federal Minister for Power Khurram Dastgir Khan said that the electricity tariff would go up for the time being due to high international oil prices.
The minister informed that the government was mulling shifting towards renewable including solar to achieve a cost-effective energy mix.