Customers of the Jamaica Public Service Company Limited (JPS) can expect to see at least a 10 per cent reduction in their energy bills in November.

A significant plunge in the cost of oil on the world market has resulted in a drop in the cost of fuel purchased to date for the production of electricity in October.

"The fuel and IPP (independent power producers) charge to be applied to bills customers will receive in November is expected to be approximately $15.762 per kilowatt-hour, compared to the charge of $18.573 applied to October bills, despite the movement in the foreign exchange rate to date," stated a press release from the JPS late yesterday evening.

The billing exchange rate is expected to be $74.36 for November compared to $72.68 for this month.

Overall decrease

This means that average residential customers who consistently use 200kWh of electricity will see an overall decrease of approximately 10 per cent, or $532, in their November bills, relative to bills they received in October, said the utility company.

"This month's reduction in the fuel and IPP charge reflects the recent downward trend in fuel prices following unprecedented increases in the cost of fuel since the start of the year," said JPS.

The fuel rate that appears on customers' bills each month is determined by the cost of the fuel used to generate electricity in the previous month.

The fuel rate on bills will, therefore, change each month, depending on changes in the actual cost of fuel that the JPS purchases from Petrojam.

Accordingly, the November fuel rate will be calculated based on the total cost of fuel purchased for October.

The JPS said this rate would be finalised during the first week of November when the actual fuel cost will be known.

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