ISLAMABAD: Prime Minister Shehbaz Sharif on Monday said that 63% of the domestic consumers using up to 200 units per month would be exempted from the recent increase in power tariff.
Besides, he said a partial subsidy was also being given to the consumers of up to 300 units per month which comprise around 31% of the total domestic consumers.
“Due to the toughest conditions from the International Monetary Fund (IMF), the government had to raise the electricity prices but I stressed that the burden should not be passed on to the protected segments of the society,” he said after witnessing the signing of a framework agreement between State Oil company of Azerbaijan Republic (SOCAR) and Pakistan LNG Limited (PLL) here.
The framework agreement was signed by Managing Director PLL Masood Nabi and Chief Executive Officer of SOCAR Trading Mariam Almaszade.
Minister of State for Petroleum Musadik Malik, Governor Punjab Baleeghur Rehman, diplomats and government officials were also present on the occasion.
Under this framework agreement, SOCAR Trading has offered LNG supply to Pakistan in the form of one cargo per month, on flexible terms and with credit lines for 30 days after delivery of the cargo in one year contract which is extendable by another year.
The prime minister said it was really a great day as “we are standing here as brothers from two brotherly countries Pakistan and Azerbaijan”.
He expressed wishes to the President of Azerbaijan Ilham Aliyev whom he met in Baku a few weeks ago and thanked him for finalising this agreement.
“We had an extremely productive and very fruitful discussion over there as to how to promote economic relations between the two friendly countries,” he said adding that immediately on his return to Pakistan, the Pakistan government extended approval to the Azerbaijan airline to land in Islamabad, Lahore and Karachi.
“This is a big step forward to promote tourism and investment and exchange of delegation between the two countries.”
The prime minister also appreciated and thanked Finance Minister Ishaq Dar, Dr Musadik Malik, secretary of petroleum, Pakistan’s ambassador in Azerbaijan, CEO SOCAR Trading, and MD PLL for their work to conclude the framework agreement.
The ambassador of Azerbaijan in Islamabad on the occasion said this framework agreement would help further strengthen bilateral economic relations.
He said cooperation between the two countries had remained sustainable since the start of the diplomatic ties between the two brotherly countries.
The diplomat added that approval of giving airspace to the Azerbaijan airline would increase the number of visitors and business delegations between the two counties.
He informed that a team of horticulture experts from Azerbaijan was also arriving in Pakistan to share their first-hand experience in the sector with the Pakistani authorities.
Earlier this month, the government implemented an increase in the average power tariff by Rs4.96 per unit for the financial year 2023-24. This adjustment placed an additional burden of Rs3,281 billion on consumers throughout the ongoing financial year