Increase in electricity prices to stabilize economy: Rashid

ISLAMABAD: Federal Minister for Information and Broadcasting Pervaiz Rashid said on Tuesday that sharp increase of electricity prices like a ‘bitter pills to swallow’ in order to stabilize the economy.

He said that approval of an increase in electricity prices was unanimously approved by the meeting of Council of Common Interest (CCI).

Talking to a private news channel, the minister said CCI meeting also unanimously decided to gradually remove subsidy on electricity.

He said that the PML-N government was already paying 1.5 trillion rupees as subsidy on electricity till today.

Rashid said that the investor companies could not invest its huge amount in electricity sector for the fear of loss.

Replying to a question, he said that he could expact from Opposition parties that they would not launch public campaign against the decision of  electricity prices.

He estimated that around seventy to eighty million people who are consuming 200 electricity units per month have been taking benefit through subsidized electricity.