Oil prices fell 9.33% yesterday, going down to US$31.67 a barrel. According to articles published recently in the Listin Diario and Hoy papers, for every dollar that the price of oil goes up, there is a simultaneous 1.65% increase in the electricity rates. Therefore, the latest drop of US$3.26 per barrel of oil should produce nearly a 5% reduction in electric rates. Nevertheless, the dollar has shown a marked increase in strength over the past few days, going up 20 to 150 points in the extra-official markets and 100 to 150 points at the Central Bank. For every peso added to the cost of the dollar, the price of electricity rises 3.85%.
\nThe banking sector, in its meeting yesterday with President Mej?a, feels that the dollar will stabilize and the current upward trend is only temporary.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell 9.33% yesterday, going down to US$31.67 a barrel. According to articles published recently in the Listin Diario and Hoy papers, for every dollar that the price of oil goes up, there is a simultaneous 1.65% increase in the electricity rates. Therefore, the latest drop of US$3.26 per barrel of oil should produce … <\/p>\n