SP Services as announced that electricity tariffs will decrease between October and December due to lower costs required in generating power. TODAY reports.
Electricity tariffs to fall
SINGAPORE – After three quarterly rises in electricity tariffs in a row, households may find some relief as SP Services announced yesterday that it will lower the tariffs for the fourth quarter.
Between next month and December, electricity tariffs will decrease by an average of 1.2 per cent as “lower fuel oil prices resulted in lower power generation costs”, SP Services said.
According to the electricity retailer, the average fuel oil price over the last three months has fallen from S$125.16 to S$121.68 per barrel.
Between July and this month, rising oil prices saw electricity tariffs for households surge by 6.6 per cent to hit a 33-month high.
SP Services said yesterday the tariff reduction in the next three months will see electricity tariff for households decreasing by 1.1 per cent – or 0.3 cents per kWh – from 27.28 to 26.98 cents per kWh.
On average, families in four-room HDB flats will pay about S$1.24 less a month.
SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA). The new tariffs have been approved by EMA.
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