The Manila Electric Company (Meralco) has warned that power rates may climb because of the incessant rise in oil prices.
According to a “24 Oras Weekend” report on Saturday, Meralco explained that crude oil is being used to produce electricity.
Despite the fact that crude oil is readily available in the country, its price is determined by the dollar exchange rate, which fluctuates based on world market conditions.
The distribution charge on the electricity bill will reflect this.
Meralco has yet to make a final announcement on whether there will be an increase in power rates.
Domestic pump prices of petroleum products are seen to shoot up big-time in the coming week — the 10th straight weekly hikes — as global crude oil prices continue to soar amid the Russia-Ukraine war.
Citing oil trading monitoring in the past five days, based on the Mean of Platts Singapore, an oil industry source told GMA News Online that the price per liter of diesel may increase by P5.30 to P5.50.
Gasoline prices, meanwhile, may go up by P3.50 to P3.70 per liter.
The local oil industry uses Mean of Platts Singapore (MOPS), the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts. — Richa Noriega/VBL, GMA News
Power rate hike possible due to fuel price increases – Meralco
Source: News Panda Philippines
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