KARACHI: The National Electric Power Regulatory Authority (Nepra) has announced an increase of Rs1.006 per unit in the price of electricity Aaj News reported on Wednesday.

According to Nepra, the decision to revise the per unit price of electricity was taken based on the fuel adjustment formula.

In February 2011, Nepra allowed power distribution companies to raise electricity prices by Rs0.33 per unit under the monthly fuel adjustment formula.

Nepra allowed the hike on the hearing of applications filed by power distribution companies whereby they had requested a per unit increase of 39 paisas.

Also in the same month, the Karachi Electric Supply Company (KESC) filed an appeal with Nepra for an upward revision o f the electricity tariff by Rs0.96 per unit against adjustment of fuel charges for the month of December 2010.

The new electricity prices will take effect after the government issues a formal notification.