SINGAPORE - Households and businesses can expect lower electricity and gas bills for the next three months.
Electricity tariffs for October to December are set to fall by an average of 3.3 per cent, or 0.79 cent per kwh, compared with the previous quarter, SP Group said on Monday (Sept 30).
For households, the electricity tariff before the Goods and Services Tax (GST) will decrease from 24.22 cents to 23.43 cents per kwh during the three-month period.
The average monthly electricity bill for families living in four-room HDB flats still tied to the SP Group will decrease by $2.84.
The electricity tariffs for July to September this year - 24.22 cents per kwh - was the highest in nearly five years, since the period from October to December 2014, when it was 25.28 cents before GST.
City Gas, a trustee of City Gas Trust, also announced on Monday that gas prices will be falling.
The tariff for households will dip by 5.81 per cent, which means they will pay 17.99 cents per kWh in the last quarter of the year, down from 19.10 cents per kWh, before GST.
SP Group and City Gas explained that the lower electricity and gas prices are due to a fall in costs for natural gas and fuel respectively, compared with the previous quarter.
Both companies review tariffs quarterly, based on guidelines set by the Energy Market Authority, which approves the new pricing.