Business

STELCO cuts fuel surcharge from power rates

STELCO building in the capital Male. MIHAARU PHOTO

STELCO building in the capital Male. MIHAARU PHOTO

State Electric Company (STELCO) announced Monday that fuel surcharge fees will not be included in electricity bills due to the recent drop in fuel duty.

Following the decrease of fuel duty to five percent last month, state utilities companies STELCO as well as Fenaka Corporation have decided to cut fuel surcharges from power tariffs.

STELCO had been charging 35 laari (MVR 0.35) per electricity unit as fuel surcharge since April 23. Fuel was sold to STELCO and Fenaka then at a rate of MVR 9.18. However, the rate has dropped to MVR 7.94 with the decrease in fuel duty. Fuel surcharge is charged only when diesel rates exceed MVR 8 per litre, with MVR 0.03 charged as surcharge for every additional MVR 0.10.

Speaking to reporters regarding the fuel surcharge cut, STELCO’s Managing Director Abdul Latheef stated that with this development, STELCO’s customer base as a whole will save MVR 8.54 million per month.

Full details are available from the link below:

Source URL: Mihaaru-Business

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