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Manila Bulletin devider Business devider Meralco's rate cut offers little comfort amid rising fuel prices

Meralco's rate cut offers little comfort amid rising fuel prices

Published Oct 10, 2024 11:16 pm

The Manila Electric Company (Meralco) has announced a reduction in electricity rates for October, while motorists should prepare for significant increases in fuel prices next week.

Meralco said that electricity rates will decrease by P0.3587 per kilowatt-hour (kWh), bringing the overall cost for a typical household down to P11.4295 per kWh from last month’s rate of P11.7882 per kWh. 

Residential customers consuming 200 kWh can expect savings of approximately P72 on their total electricity bill this month.

The rate drop is largely attributed to reduced charges from the Wholesale Electricity Spot Market (WESM), which have offset the higher costs associated with First Gas plants Sta. Rita and San Lorenzo. 

According to Meralco, the decline in WESM charges was due to the resolution of deferred costs from May 2024 and improved supply conditions in the Luzon grid. 

However, rising fuel prices from Malampaya, resulting from new Gas Sale and Purchase Agreements (GSPAs), have led to increased charges from Independent Power Producers (IPPs).

Despite the added costs from Malampaya, the overall reduction in electricity rates is seen as a positive development for consumers.

In contrast, motorists are bracing for another round of fuel price hikes, with gasoline and diesel prices expected to rise significantly next week. 

Jetti Petroleum projected that diesel prices could increase by P2.55 to P2.75 per liter, while gasoline may rise by P2.35 to P2.55. 

Kerosene prices are also expected to climb by P2.48, although these figures remain tentative and may change as the trading week progresses.

Rising crude oil prices primarily drive the projected fuel price increases in the global market. Ongoing tensions in the Middle East, coupled with concerns about potential supply disruptions, have pushed oil prices higher. 

Additionally, the strengthening of the US dollar against the peso is contributing to the expected increases in fuel costs, making imported crude oil more expensive for local refiners.

These upcoming price adjustments follow a recent round of increases, with diesel and kerosene prices having already risen by approximately P1 to P1.20 and P0.70 per liter, respectively, earlier this week.

Related Tags

Oil prices Oil price hike
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