Rising oil price forces STELCO to call in US$10 million in unpaid government bills
23 Oct 2012, 3:44 PM
Daniel Bosley
Chief Technical Officer of the State Electricity Company (STELCO) Dr Zaid Mohamed has said that the problem of state run companies not paying their electricity bills is a long term one, made more urgent by recent rises in the price of oil.
“This problem has gone for a long time – a couple of years but lately the bills have been getting higher,” said Zaid.
Zaid said that the recent rise in fuel prices was beginning to threaten the company’s ability to operate and so the board made the decision to disconnect certain companies.
The most recent figures from the Maldives Monetary Authority (MMA) show the price of crude oil to have risen 9 percent in the last month and 6 percent between August 2011 and August 2012.
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