Prime Minister Shehbaz Sharif said on Monday that efforts were underway to further reduce electricity prices, prioritizing rescue in power prices compared to petrol despite a continuous drop in world oil prices, Express News reported.
Speaking at a high -level meeting in Islamabad, Prime Minister Shehbaz said the government aims to offer national advantages thanks to cheaper electricity and has committed to additional cuts in the coming months.
“Efforts are underway to further reduce electricity prices. As oil prices are falling on the world market, we will focus again on the reduction of electricity prices rather than petrol,” he said. The Prime Minister stressed that a reduction in the cost per unit of electricity would have a positive impact on all sectors of the economy.
“A drop in electricity prices will benefit the nation in all areas. We strive to reduce discounts and hope to see even better results in the coming months,” he added.
Prime Minister Shehbaz also said that several initiatives had been introduced to raise the maritime sector, which he described as the key to national economic development. “The outgoing government has introduced the number of reforms for the recovery of the maritime sector,” he said, a statement said.
He congratulated the maritime working group for his role in the preparation of political recommendations, by calling for their “hard work” efforts and stressing that access to maritime resources is essential for global development.
On the broader economic level, the Prime Minister said that his administration was sincerely working to transfer the advantages of the drop in world oil prices to the Pakistani public.
He noted that a recent drop in electricity prices would provide a “substantial relief to the people” and would help stimulate economic activity.
“We have reached macroeconomic stability and the drop in power prices will lead the economy to growth and competitiveness,” he added.
