Prime Minister Lee Hsien Loong gave this good news yesterday, saying: 'I asked MTI (Ministry of Trade and Industry), they said yes, by January, electricity prices should come down. If we are lucky, it will be where we were before October.'
Electricity prices shot up by an unprecedented 21 per cent in the last quarter this year. This was because they are pegged to forward oil prices.
Lower electricity prices will be welcomed not just by households but businesses too as utility charges make up a large chunk of their business costs, said Mr Lee.