Electricity to go up by 5.7% in next quarter on higher oil prices

ELECTRICITY tariffs will go up by an average of 5.7 per cent from April 1 to June 30 due to higher fuel oil prices.

The hike, which is pegged to a higher forward fuel oil price of US$74.40 (S$103) per barrel, will mean an increase of 1.26 cents per kWh, said a statement from SP Services on Wednesday.

The forward fuel oil price is 12.25 per cent higher than the US$66.28 per barrel for the current quarter.

The electricity tariff is reviewed quarterly and adjusted accordingly in line with the fluctuation in the cost of electricity.

For the current quarter ending March 31, electricity tariffs went up by an average 5.94 per cent or 1.24 cents per kWh.

The tariff adjustments have been approved by industry regulator Energy Market Authority, said SP Services.