Pump prices down; Meralco rates lower
Fuel prices in the Philippines are set to drop significantly, while Meralco electricity rates will see a slight decrease in August due to a court-ordered refund. These adjustments provide temporary relief to consumers despite rising transmission charges.
Why it matters
Energy price fluctuations directly impact the cost of living and inflation rates for households and businesses in the region.
MANILA, Philippines - Motorists can expect fuel prices to drop today by over P4 per liter across the board, while Manila Electric Co. (Meralco) customers will see power rates ease in August after two consecutive months of hikes.
Minimum price cuts this week of P4.70 per liter for gasoline, P4.30 for diesel and P4.88 for kerosene have been announced by the Department of Energy.
"These changes are based on movements in the global oil market amid ongoing developments in the Middle East that are affecting global supply and prices," the DOE said.
The rollback followed a sharp decline in crude oil prices last week as expectations grew that shipping conditions in the Middle East could gradually improve.
Meanwhile, households and businesses in Metro Manila and nearby provinces will get a reduction of P0.0428 per kilowatt-hour in their Meralco power bills this month.
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