ALBUQUERQUE, N.M. — Consumers could soon pay more on their gas bill if regulators approve a rate hike from the New Mexico Gas Company.
The company filed a request Monday in an effort to get $8 million more per year. That comes out to a 1.4 percent increase on an average bill. It would be the first rate hike since 2012 and, if approved, will go into effect next January.
Despite the increase, New Mexico Gas says it could have been worse. The company originally wanted $17 million but went for 8 million because of federal tax reform.
“Investments to maintain and improve the company’s natural gas system and business are the primary reasons for the revenue request,” NMGC President Ryan Shell said.
Meanwhile, the average price of gasoline in the metro is down to $2.19 a gallon, 4 cents cheaper than last week.
Nationally, the average price of a gallon of gas dropped about 6 cents a gallon over the past two weeks. Analysts say it’s the first decline since December, but prices are expected to rise again as crude oil costs go up.