30 Oct 2008

CNMI's CUC urged to cut rates already

7:57 am on 30 October 2008

A lawmaker in the CNMI has called on the Commonwealth Utilities Corporation to bring its rates down now due to the declining cost of fuel.

Representative Heinz Hofschneider said a utility rate reduction is urgently needed given the continuing trend of local businesses shutting down.

MRHofschneider said in a letter to CUC executive director Antonio Muna that

several businesses recently announced closures citing power costs as the primary reason for closing their doors.

He says jobs are lost, adding to the hardship already experienced by families, and it is imperative that they provide relief.

The price of oil fell to US$62.73 a barrel Tuesday on the New York Mercantile Exchange, a huge drop from the record of US$147.27 back in July.