Singapore : electricity tariffs to increase April 2008 on rising oil prices

This article belongs to the Singapore inflation watch story arc.

channelnewsasia.com, spservices.com.sg (pdf) :

Electricity tariffs will go up by an average of 1.26 cents (S$0.0126) per kilowatt starting 1 April. SP Services said this is due to higher fuel oil prices. For the quarter from April to June, the electricity tariff is pegged to a higher forward fuel oil price of US$74.40 per barrel, which is 12.25% higher than the US$66.28 per barrel for the current quarter. The electricity tariff is reviewed quarterly. It is adjusted accordingly, in line with the fluctuation in electricity cost.

- The price for typical household users will go up from 22.62 cents per KWh to 23.88 cents per KWh, an increase of 5.57% from the current quarter (2008Q1). On a year-on-year basis, the Singapore electricity rate is up by 26.48% from 18.88 cents per KWh in April 2007. I would say this is in line with the general trend of inflation in Singapore for the past year or so, with actual prices that people are paying increasing by 20-30% or more.

And if you were to look back further, the increase is even larger. From the PDF, we see that the electricity rate 3 years ago, for April 2005, was 16.06 cents per KWh. So we're up 48.69% in 3 years. But if you think that's bad, well, you ain't seen nothing yet.

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