Electricity Tariffs May Go Up To 23 Cents Per kWh July is set to be an expensive month for Singaporeans. That’s because two essential services – electricity and water – will likely start to cost more. We all knew that the water price hike was coming but a Channel NewsAsia report claims that electricity tariffs may also go up next quarter. That’s because of rising oil prices: crude oil prices rose to US$70 (S$95) in May. Currently, electricity tariffs stand at 22.15 cents per kWh. This is a rise from 21.56 cents in the previous quarter and 20.30 cents in the quarter before that. The Channel NewsAsia report estimates that prices could rise beyond 23 cents per kWh in the coming quarter. On average, households here use about 468kWh a month. With the price rise, the average electricity bill could rise to $108 from $103. The link between oil prices and electricity But is there a link between oil prices and electricity? After all, most of our electricity comes from natural gas these days, so why should oil prices play a role? The answer lies in the way natural gas is priced and traded. According to Channel NewsAsia, the widespread use of oil […]
6 years ago
