Mr Asif told reporters on Tuesday that shopping malls and markets would have to close by 20:30 local time and government departments had been ordered to reduce their electricity consumption by 30%.
Meanwhile, the production of inefficient electric fans will be banned from the start of July.
"The federal cabinet has immediately approved the Energy Conservation Plan's enforcement," the ruling Pakistan Muslim League-N (PML-N) party said on Twitter.
The nation of 220 million people has been struggling for years to stabilise its economy.
In 2019 Pakistan secured a $6bn bailout from the International Monetary Fund, while in August last year it received a further $1.1bn.
The federal cabinet has immediately approved the Energy Conservation Plan's enforcement. pic.twitter.com/RVxhjaiYyE
