SINGAPORE - Electricity and gas prices for the next three months are set to fall, with SP Group and City Gas explaining that this is due to lower energy or non-fuel costs.
On Tuesday (March 31), SP Group said electricity tariffs before the goods and services tax (GST) will decrease by an average of 5.1 per cent, or 1.22 cents per kilowatt hour (kwh), from April 1.
For households, the electricity tariff before GST will decrease from 24.24 cents per kwh to 23.02 cents per kwh, meaning that the average monthly electricity bill for a family living in a four-room Housing Board flat will decrease by $3.89.
SP Group will also defer increasing its network cost to transport electricity through the power grid for a year, reducing electricity tariffs for households by 2.5 per cent.
It said the deferment was in support of the Government's Resilience budget. SP Group is a Temasek-linked company.
City Gas also said on the same day that the gas tariff for households before GST will decrease by 0.12 cents per kwh, from 17.23 cents per kwh to 17.11 cents per kwh.
This works out to be a 0.7 per cent dip in prices, after a 4.22 per cent drop in the first three months of the year and a 5.81 per cent fall in the last quarter of 2019.
The Energy Market Authority, which regulates both industries, has approved the revised tariffs.