ISLAMABAD - The Federal Cabinet has approved another additional surcharge of Rs3.39/unit in tariff to collect additional Rs76 billion from electricity consumers within next four months. The Cabinet through circulation has approved collecting Rs3.39/unit in electricity tariff which will enable the government to pay off Rs120 billion interest on the loans of the Power Holding Company, official source told The Nation yesterday. With the levying of additional surcharge of Rs3.39/unit, the total surcharge will reach Rs3.82/unit. Currently, the power consumers are paying Rs0.43/unit surcharge to clear Rs44 billion for paying off the interest on the loans of the Power Holding Company. Now with the levying of special surcharge of Rs3.39/unit, additional Rs76 billion will be collected from the power consumers within next four months March to June 2023, said the source.
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In June 2023, the collection of additional surcharge of Rs3.39/unit will be discontinued and a new additional surcharge of Rs 1/unit will be applicable from June 1, 2023, for the next financial year 2023-24, the sources said. Collections will not be made from electricity consumers using less than 300 unit. The additional surcharge will be applicable to the consumers of all the XWDiscos and also to K-Electric customers. It is worth to mention here that earlier the Federal Cabinet through a circulation had approved the revised circular debt management plan which includes transferring of an additional Rs250 billion to the power consumers till June 2023 and withdrawal of Rs65 billion subsidy from export and agricultural sectors from March 1. The revised CDMP also included the transfer of Rs73 billion to the electricity consumers on account of Quarterly Tariff Adjustments during the ongoing calendar year 2023. Under the plan, a special financing surcharge of Rs 3.39 per unit will be levied on the electricity, the sources said. The special financing surcharge of Rs 3.39 per unit will be made part of the base tariff which will enhance the base tariff from the existing around Rs 24 per unit to over Rs27 per unit.
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It has also been decided that the Zero-Rated Industry (ZRI) and Kissan Subsidy Packages will be discontinued from March 1, 2023. It has also been decided that under the IMF pressure, from 1st March, the government will discontinue the subsidy of Rs 65 billion for export (Zero Rated Industry) and agriculture sectors.