As global oil prices witness a sharp uptick, Manny V. Pangilinan (MVP), Chairman of Meralco, has announced a comprehensive review of the company’s fuel position to mitigate the impact on Filipino consumers.
Global Market Volatility and Its Impact
The call for a review comes on the heels of dramatic price increases in the world market. Recent data (March 2-3, 2026) indicates a staggering rise in fuel costs:
* Diesel: ↑ ₱12.00 per liter
* Gasoline: ↑ ₱6.00 per liter
* Kerosene: ↑ ₱13.00 per liter
These spikes are largely attributed to the ongoing conflict in the Middle East, which has disrupted supply chains and increased the cost of imported fuel—a critical component for local power generation.
Meralco’s Proactive Stance
In a series of statements, MVP emphasized that Meralco is closely monitoring the situation, particularly concerning Liquefied Natural Gas (LNG), coal, and diesel.
"We want to ensure adequate supply of power and manage price volatility as responsibly as possible," Pangilinan stated. "Have made it clear to the team that we must help protect consumers as cost of goods rises globally."
The review aims to assess how these fluctuating fuel prices will ultimately affect power rates. By evaluating their current fuel mix and positions, Meralco hopes to cushion the blow of rising generation costs.
A Call for Energy Conservation
Beyond corporate strategy, there is a strong appeal for public cooperation. Because the Philippines imports a vast majority of its fuel for power plants, supply stability is sensitive to international events.
Pangilinan urged consumers to be mindful of their electricity consumption, noting that conservation is key to ensuring there is enough power to get through the coming weeks. Simple steps in energy saving at home and in the office can collectively help manage the nation's total load during this volatile period.
Mr. Manny V. Pangilinan is also the Chairman Emeritus of PLDT, Mediaquest and TV5.
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