Singapore's Household Electricity, Gas Bills to Continue Climb in Q1 on Higher Tariffs, GST Increase

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Singapore's Household Electricity, Gas Bills to Continue Climb in Q1 on Higher Tariffs, GST Increase

The Business Times2023-12-29

Household bills for electricity and gas are set to rise in the first quarter of 2024 amid rising energy costs, a jump in the carbon tax and an increase in the goods and services tax (GST) rate....

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This comes as the GST rate rises to 9 percent from 8 percent.Singapore’s Energy Market Authority on Friday (Dec 29) announced an increase in tariffs for both electricity and gas.Town gas tariffs post-GST will increase by 4.2 percent to 25.23 cents per kWh from 24.214 cents per kWh.City Gas attributed the rise in gas tariffs to higher costs compared with the previous quarter.The electricity tariff rate will apply only to consumers who buy electricity directly from SP Group at the regulated tariff, and not those on standard fixed-price plans with electricity retailers.SP Group estimates that the average monthly electricity bill for families living in Housing Development Board four-room flats will go up by S$4.39 before GST, it said in a separate release.Including tariffs for non-households, electricity tariffs will rise by an average of 4.3 percent or 1.18 Singapore cents per kWh compared with the previous quarter, before GST.The amount of electricity tariffs payable by consumers will also include carbon tax, which will be raised to S$25 per tonne of emissions from S$5 previously.The increase in carbon tax also contributed to the rise in electricity tariffs for Q1, EMA noted.Energy costs, paid to generation companies, comprise 77.5 percent of the Q1 electricity tariff. 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