Falling oil price saves electricity increase

THE FALL IN  oil prices means that there will be no increase in the price of electricity  in Panamain the second half of the year.

“All customers will keep the same rate and those who consume up to 300 kilowatt hours per month will continue with a subsidy,” said the administrator of the National Authority of Public Services (ASEP), Roberto Meana on Wednesday June 29.

The price of oil topped $48 a barrel on Tuesday  as investors took advantage of a two-day drop in price after the vote in the United Kingdom to leave the European Union.

In January, the price of oil recorded its lowest price in recent years, trading at $33.15 a barrel. During the following months the raw material has fluctuated upward, reaching $50 a barrel.

The drop in oil prices benefits all customers, because they will not increase in the electricity tariff, but also to the state, as the cost of its subsidies also drops.