Petroleum Minister Ali Pervez Malik Promises Significant Reduction in Electricity Prices in Coming Weeks

Petroleum Minister Ali Pervez Malik has stated that the high cost of electricity in the region has become a major obstacle to Pakistan’s economic development. However, he assured that the government will use additional resources in the coming weeks to bring down electricity prices significantly.

Speaking on ARY News’ program, Ali Pervez Malik acknowledged that expensive electricity was hindering economic growth, and to reduce electricity costs, the government is utilizing additional revenue generated through petroleum levies. He emphasized that the government will gather resources from various avenues to overcome this barrier to economic development.

“The most expensive electricity in this region is in Pakistan. Any additional resources raised through petroleum levies will not only help bring down electricity prices but will also be used to reduce the prices significantly through the government’s efforts,” said the minister.

Yesterday, Prime Minister Shehbaz Sharif, while chairing a review meeting on power sector matters, also indicated that a comprehensive package for reducing electricity prices would be announced soon. The Prime Minister confirmed that the government is working on further reforms in the power sector and is committed to providing additional relief to the public regarding electricity prices.

PM Shehbaz Sharif also directed that public misconceptions about solar energy be addressed with factual data and statistics, reaffirming that promoting renewable energy remains a priority for the government. He clarified that there would be no change in the government’s policy regarding solar energy.

Additionally, the Prime Minister assured that all legal and procedural matters related to the closure of power production companies would be settled promptly and instructed that the privatization process of electricity distribution companies be expedited.

Prime Minister Shehbaz Sharif further emphasized improving coordination between the Power Division, Water Resources, and Petroleum Divisions, stating that a comprehensive and effective strategy to reduce electricity rates is being developed, which will be announced soon.