SINGAPORE: Electricity prices for households have risen up to 11% as retailers adjust to higher costs driven by the ongoing conflict in the Middle East. Fixed-price retail plans for residences ranged from 24.88 to 28.67 cents per kWh before the war, and increased to between 28.8 and 29.18 cents per kWh by March 20.
For a four-room HDB flat, this translates to an average increase of S$10.42 per month. Some retailers, like Senoko Energy, offer promotional gifts worth up to S$240, while others reduced rebates.
Analysts say retailers are taking precautionary measures amid global energy market volatility. Over 75% of electricity costs in Singapore come from fuel, primarily natural gas. With the Middle East conflict causing uncertainty, retailers are adjusting prices more quickly than usual.
The government has warned that further price increases may occur if fuel costs remain high. Prime Minister Lawrence Wong said the government is prepared to take additional measures if needed. For now, households on fixed-price plans or regulated tariffs may see price changes later this year.