ISLAMABAD, Pakistan – In order to meet the International Monetary Fund’s (IMF) standards, the government has decided to increase the duration of peak hours for electricity usage, with the new rules taking effect on July 1.

Peak hours are the times of day when power consumption is at its peak, and users are paid the highest rate per kilowatt-hour utilized during this time.

Peak hours have been extended by two hours. They were previously open from 6 p.m. to 10 p.m., but will now be open from 5 p.m. to 11 p.m.

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Customers who use time-of-use meters will pay Rs49.35 per unit during peak hours from 5 pm to 11 pm, and Rs33.3 per unit after peak hours from 11 night to 5 pm.

Consumers using three-phase meters, on the other hand, will now pay Rs50 per unit during peak hours, up from Rs30 per unit previously.

The government hopes to collect more than Rs3 trillion from the public in order to offset line losses and manage the power sector’s circular debt.

In addition to boosting power tariffs, petroleum rates, and income taxes, the government has asked the Oil and Gas Regulatory Authority (Ogra) to develop a strategy for raising gas rates, with plans showing a 50% increase.

These measures were implemented to meet IMF demands, yet they have added to the masses’ burden as inflation remained high.

The State Bank of Pakistan (SBP) has got $1.2 billion from the IMF as the first installment of a $3 billion bailout.

In addition to IMF help, Pakistan received financial assistance from the United Arab Emirates and Saudi Arabia, with $1 billion and $2 billion, respectively, following the agreement signed between Islamabad and the IMF at the end of June, avoiding the country from entering a sovereign debt default.