No fewer than 17 electricity meters manufacturers are demanding an upward review of the cost of the commodity following the rise in inflation and foreign exchange rates, among other economic variables.
The meter producers under the aegis of Meter Asset Providers resolved at the end of a meeting that the Nigerian Electricity Regulatory Commission should carry out an upward review of the current price of prepaid meters across the country.
In a communique issued after the meeting on Monday, the MAPs listed the upward review in meter price as the first resolution reached by the 17 manufacturers.
READ ALSO: Maize, Soya beans scarcity: Feed millers warn of impending food crisis
They said, “There should be an upward review of the current price of prepaid meter by NERC in view of rising inflation, continued upward movement of foreign exchange rates, associated increases in customs costs, increase in container freight costs, and the disruptions in the international supply chain.
“These factors lead to a global increase in the prices of raw materials and components for the manufacture of prepaid meters.”
The MAPs, however, noted that there would be corresponding downward review of meter prices when there was a downward movement in foreign exchange rates and other cost factors.
Speaking on the side-lines of the meeting, the Executive Vice Chairman/Chief Executive Officer, Holley Metering Ltd and Celdon Group, Ifeanyi Okeke, commended the Central Bank of Nigeria for funding the National Mass Metering Programme.
