Singapore electricity bills to go up by an average 5.94% from 2008

This article belongs to the Singapore inflation watch story arc.

singaporepower.com.sg :

For the quarter 1 Jan to 31 Mar 08, the electricity tariffs will be increased by an average 5.94% or 1.24 cents per kWh due to the higher cost of electricity arising from higher fuel oil prices.

Revision of electricity tariffs from 1st January 2008
Low tension supplies, domestic
Existing Tariff : 21.38 cents/KWh
New Tariff : 22.62 cents/KWh

channelnewsasia.com :

Households and businesses in Singapore will have to pay more for electricity from next year. A statement released on Wednesday [26 Dec 2007] showed that the new rates will hit a six-year high for households and small businesses. SP Services attributed the higher cost of electricity to higher fuel prices. On average, the tariffs will go up by 5.94%. The rates are reviewed and adjusted according to fluctuating electricity costs every quarter.

- From the chart, a few quick calculations :

Year-on-year (from Jan 2007), 20.02 to 22.62 = 13.0% increase
Compared to 3 years ago (Jan 2005), 16.73 to 22.62 = 35.2% increase
Compared to 6 years ago (Jan 2002), 15.02 to 22.62 = 50.6% increase

- Inflation is really taking off. This hike in electricity rates was announced just after the other announcement about the CPI inflation hitting a 25-year high of 4.2% year-on-year.

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