ELECTRICITY prices are set to come down by January due to sliding fuel prices in recent months.

Prime Minister Lee Hsien Loong gave this good news at the People's Action Party (PAP) conference on Sunday, saying: 'I asked the 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.

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.