Update on Meralco Rates amid Oil Price Hike in PH
MERALCO – The Manila Electric Co. announced that it is set to increase power rates and the hike may continue in the coming months.
Countless commuters and vehicle owners were alarmed by the possible continuous increase in pump prices brought by the escalating tension in the Middle East. The conflict went further when Israel and the United States had a joint airstrike against Iran.
The collaborated airstrikes of U.S. and Israel led to the death of Iranian Supreme Leader Ayatollah Ali Khamenei. The escalating conflict in the Middle East sparked fears over possible big-time oil price hikes.
Recently, on Tuesday, pump prices were already up in the Philippines. Prior to it, countless vehicle owners had their gas tanks loaded up already as they try to avoid the looming price increase.
Unfortunately, aside from the oil price hike, Filipinos who get their power supply from the Manila Electric Co. or more popularly called Meralco will also experience a more costly supply. Based on News5, the electric power provider is set to implement a 64-centavo increase on every kilowatt-hour consumption this March.
According to the post, while the 64 centavo-increase sounds small, if your monthly consumption is 200 kilowatt hour, your electric bill will be up by P129.00. On the reason behind the power rate hike of Meralco, the electric power provider cited the following:
- increase transmission charges of the National Grid Corporation of the Philippines
- increase in the rates applied by the power suppliers of Meralco
- additional tax and regulatory requirements
However, based on the post, what is even more unfortunate is that the oil price hike is not yet one of the reasons in the increase in the power rate of Meralco this month. Thus, there is reportedly a possibility that power rates may be even higher in the coming months.
When the oil price is reportedly high, the costs of the liquified natural gas or LNG and the coal also increase. Amid the looming power rates hike, Meralco advises the people to be wise in using he electricity.
Recently, United States Pres. Donald Trump claimed that the high oil prices will allegedly be “short-term”. According to him, the war will be ended soon and a much harder attack might be launched against Iran if it supposedly blocks the global oil flow.
However, as for Iran, they will continue the missile attacks as long as it is necessary and the negotiations with U.S. is no longer on their agenda.