The new prices of Prepaid Meter, according to the circular, will take effect from tomorrow, November 15.
The federal government has increased the prices of both single-phase and three-phase prepaid electricity meters as announced by the Nigerian Electricity Regulatory Commission in a circular seen by Brandspur.
In the document, the regulator raised the price of a single-phase meter from the current cost of N44,896.17 to a revised price of N58,661.69.
It also increased the price of a three-phase meter from the current cost of N82,855.19 to a revised rate of N109,684.36.
“In arriving at the approved unit price, the Commission had, in particular, only considered changes in foreign exchange and inflation since the last review of June 2020,” the circular reads.
“This price review is subject to change upon the conclusion of the procurement process under phase 1 of the National Mass Metering Program. This price review is effective from 15th November 2021.”
The NERC noted that all costs are exclusive of value-added tax (VAT).
This implies that consumers will pay more than the stipulated prices to procure the meters from electricity distribution companies (DisCos).