India, June 26 -- Electricity Consumers in Maharashtra received great news on Wednesday, as chief minister Devendra Fadnavis announced that power tariffs in the state will be slashed by 26 per cent in five years.

According to Fadnavis, the slash will start at 10 per cent in the initial year, the first time in the state's history.

"For the first time in the history of the state, electricity rates will be reduced by 10 per cent in the first year and 26 per cent in five years in phases. We are grateful to the Maharashtra State Electricity Regulatory Commission (MERC) for giving this verdict on the petition of Mahavitaran," Fadnavis, who holds the energy portfolio, posted on X.

The announcement comes amid reports of petitions submitted to ...