The following news was taken from Channelnewsasia.com:
SINGAPORE : For the quarter starting in October, electricity tariffs for households will go up by 12.5 per cent or 2.41 cents to 21.69 cents per kilowatt-hour.
SP Services said the increase is due largely to significantly higher fuel oil prices over the last three months, which rose by about 21 per cent to S$92.03 per barrel.
The company added that this brings the fuel oil price to around the level in the first quarter of this year.
This is the second quarter tariffs have gone up, after they dipped in the first two quarters of this year.
In July, tariffs went up by 7 per cent.
Starting from July, the Energy Market Authority has used a new formula for calculating tariffs - taking the average price of oil in the three months of the previous quarter, instead of the first month of the previous quarter. - CNA /ls
Based on the news from channelnewsasia.com, do you know why the oil price increases? Are you protected by hedging yet?
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