Energy costs rise, electricity prices rise 0.3% in the fourth quarter, and the government will issue rebates on utility bills this month

Due to rising energy costs, local electricity and gas prices will increase for the next three months. The government will also distribute rebates on utilities and utility bills in October, which will automatically be received by eligible HDB households. Assoc Prof Xu Yan, Director of the Centre for Power Engineering at NTU, told Lianhe Zaobao that Singapore relies almost entirely on imports for its natural gas. While this supply is primarily through long-term contracts, it is still subject to fluctuations in international natural gas prices. Recently, international natural gas prices have fluctuated, and in some cases have continued to rise, pushing up local electricity and gas prices. NTU Assistant Professor of Economics Chua Yeow Hwee pointed out that the rise in electricity and gas prices is due to rising global fuel prices. Tighter supply and stronger demand in the Asian market are driving up costs, and Singapore, with its near-total reliance on imported energy, is directly impacted.

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