Dearer electricity next year on higher oil prices

ELECTRICITY will cost more from next year, no thanks to high oil prices.

SP Services, part of the Singapore Power group, said yesterday that tariffs will be going up from the first quarter.

For the period January 1 to March 31, electricity tariffs will increase by an average 5.94 per cent or 1.24 cents per kWh.

The rise is 'due to the higher cost of electricity arising from higher fuel oil prices', SP Services said.

According to data provided by SP Services in its statement, the new rates will be the highest since April 2001 for households and small businesses.

SP Services said that the rates are reviewed and adjusted according to fluctuating electricity costs every quarter.

The latest revisions have been approved by industry regulator Energy Market Authority.