Providenciales, Turks & Caicos Islands, February 4th, 2009. Residents and business owners can expect to notice a significant drop in their fuel bills in February when the fuel factor drops to 0.16cents with further reductions forecasted for the coming months.
. Since January 2007 fuel prices have been on the increase and until the last quarter, have been at an all time high. This time last year, prices were 50% higher than they are now and it wasn't till late last year the world market experienced a relief when crude oil prices started to drop.
This reduction in fuel prices will result in a further decrease in the fuel factor rate, which will translate to lower power bills for customers from the month of February with an additional decrease in March. According to company CEO, Eddinton Powell "Customers will see a 31% reduction in fuel factor rate for February over December 2008, which also represents a 53% decline from its Peak in July 2008".
The company forecasts that the reduction in power bills is only the beginning and in the coming months will continue to effect lower fuel costs for consumers. "We are forecasting continuing decline in the fuel factor for the next several months given the current international market. Rest assured that the lower fuel prices are passed onto our customers as soon as we get them from our suppler" stated Mr. Powell.
Mr. Powell added "Notwithstanding the recent drop in fuel prices, the company continues its review of alternative sources. We also encourage customers to implement energy conservation practices at home and at work to keep their consumption to a minimum".