Business
Energy conservation plan introduced to save annual Rs. 438bln
Authorities announce markets and commercial areas to close at 8 PM.
Narowal: The federal government has declared that the Energy Conservation Plan, announced on July 1st, will result in an annual savings of Rs. 438 billion for the national treasury, along with 8,000 megawatts of electricity.
According to documents, the government will impose a tax of Rs. 15 billion on substandard fans, while restrictions on the production of substandard bulbs will generate a revenue of Rs. 23 billion.
By switching to LED lights instead of traditional bulbs, an additional savings of Rs. 23 billion will be achieved.
Authorities state that closing markets four hours earlier will save Rs. 62 billion while providing work-from-home facilities for 20% of the staff will save Rs. 56 billion.
The use of conical baffles in geysers will result in a 25% reduction in gas consumption, amounting to an annual savings of Rs. 92 billion for Pakistan.
The decision to Close Commercial Areas at 8 PM
It should be noted that the federal government made the decision to close markets and commercial areas at 8 PM during the National Economic Council meeting on June 6th.
Under the chairmanship of Prime Minister Shahbaz Sharif, the National Economic Council meeting was attended by the Chief Ministers of Sindh, Punjab, and Khyber Pakhtunkhwa, along with the Planning Minister of Balochistan.
After the meeting, briefing the media, Ahsan Iqbal stated that following an assessment of the current situation with representation from all provinces, approval has been given to close all shops at 8 PM starting from July 1st.
Energy costs constitute a significant portion of our expenses, and if we control them, many issues will be resolved.
Ahsan Iqbal further added that rising global prices have posed a major challenge for energy in Pakistan.
If we rely on fuel and oil, our economy will remain vulnerable.