To reflect the movement of prices in the world market, oil companies said they would cut the price of kerosene by P2.50 per liter, diesel by P2.20 per liter, and gasoline by P2.10 per liter.
World oil prices have been declining in the past weeks due to US recession fears that could significantly affect oil demand. On Aug. 2, the oil companies cut diesel prices by P0.60 per liter and kerosene by P0.75 per liter but raised the price of gasoline by P0.75 per liter. Meralco’s generation charge went down by P0.1944 to P6.5812 per kWh in August from P6.7756 per kWh last month due to the decrease in costs from power supply agreements .
Meralco said the higher excess energy of some PSAs, priced at a discount, also contributed to the decrease.The IPP charges increased by P0.4213 per kWh with the continued rise in international fuel prices.
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