Electricity rates in March are unlikely to be affected by the tensions in the Middle East, but prices could start climbing in April if the situation persists.

Manila Electric Co. (Meralco) Head of Utility Economics Larry Fernandez told reporters on Wednesday that the conflict has yet to affect local power rates.

“The recent events in the Middle East have no effect on March prices. At the very least, we may see an effect in April,” Fernandez said.

He noted that while Qatar is the largest supplier of liquefied natural gas, the Philippines also sources natural gas from Malaysia and Australia, whose supplies are close to the country and unaffected by the current conflict.

“Supply will be available, and what we are monitoring is the price of energy commodities. Prices will depend on how long the situation lasts,” Fernandez said.

He recalled that a similar conflict last year caused a one-month spike in energy prices, which quickly normalized once tensions eased.

Fernandez said the potential impact on local electricity rates will hinge on the duration of the Middle East conflict.

Meralco is set to announce its March rates next week. 

In February, Meralco ended two consecutive months of declines after it raised rates by P0.2226 per kilowatt-hour (kWh), which brought the total to P13.1734 per kWh from P12.9508 in January.