FENAKA cuts 0.38 per unit from electricity

FENAKA Corporation has implemented a price drop in the electricity service provided by the company by MVR 0.38 per unit.

Speaking at a press conference today, the Managing Director of FENAKA Corporation, Ahmed Shareef said that price drops came with change of oil prices by the government.

He said that the new change will bring a 17 percent reduction to the bills of those who use up to 100 units and a 15 percent reduction will be seen for those using between 100 and 200 units with nine percent discount for those using 400 units and above.

Shareef said that the price drop is effective for businesses as well.

The Managing Director of FENAKA said that businesses and government offices will see a saving between five and eight percentage.

He said that 78 percent of the household using FENAKA electricity in between 100 to 400 units and a total saving of MVR 3.6 million will be seen with the new price.

Following a five percent reduction of tax from oil, FENAKA customers save MVR 6.3 million monthly.

Shareef said that the MVR 6.3 million is not a loss to the company since the biggest expense of the company is for the acquisition of oil which balances with the tax reduction. He said that the government "standing" is to lessen the spending from the pockets of the people.