MANILA, Philippines — There's only bad news for consumers this Friday.
The Manila Electric Company (Meralco) announced a P0.3428 per kilowatt-hour (kWh) increase in July, bringing the overall cost for a typical household to P14.8261 per (kWh) from P14.4833 per kWh in June due to higher generation rates and taxes during the period.
Meanwhile, diesel and gasoline prices are expected to increase next week due to recent clashes between US and Iran over vessels crossing the Strait of Hormuz, local oil industry sources said on Friday.
They said that diesel prices will increase between P2 per liter and P4 per liter, while gasoline is expected to go up by up to P1 per liter.
These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
This week, and based on most price adjustment bulletins, diesel prices spiked by P3.30 per liter, while gasoline went up by P0.25 per liter.
