Report: Expect Oil, Power, Water Price Hikes Starting This Month0 min. read
It’s beginning to feel a lot like Christmas–or maybe not.
Major utility and oil firms announced an increase in prices starting this month.
Due to the weak peso exchange rate against the US dollar, Meralco announced a P0.1011 per kilowatt hour (kwh) increase effective December. “Ang na-reflect is an exchange rate of P49.73 [to $1],” Engr. Larry Fernandez, head of utility economics at Meralco, told TV Patrol. “If the average for December is more than P49.73, then that’s when we may have an effect on the power prices.”
This means a household consuming 200kwh to 500kwh per month can expect a P20 to P50 increase in their total bill.
Oil firms also announced a major oil price hike next week, after imported petroleum prices went up by P1.63 per liter for gasoline and P1.43 per liter for diesel. This is because of the growing demand following reports of limited oil supply worldwide.
Meanwhile, Maynilad and Manila Water are also asking for an increase in their Foreign Currency Differential Adjustment (FCDA) starting January 2017. This translates to an average hike of P0.70 per cubic meter for Manila Water clients and P0.19 per cubic meter for customers of Maynilad.