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Singapore to raise electricity tariffs as fuel prices rise

(Xinhua)

13:11, March 31, 2012

SINGAPORE, March 30 (Xinhua) -- The electricity tariffs in Singapore will go up by 4.3 percent in the quarter starting from April 1, energy supplier SP Services said on Friday.

The company said fuel prices have been higher in the first quarter of the year, which is used as the base for calculating the electricity tariffs under the current pricing mechanism in Singapore.

Average fuel oil price in January, February and March was up 7. 3 percent from the previous quarter to 136.37 Singapore dollars ( 109.1 U.S. dollars) per barrel.

Singapore now mainly relies on gas as the fuel for power generation. The prices of natural gas typically move along with changes in fuel oil prices.

The higher electricity tariffs is expected to lead to an increase of 4.18 Singapore dollars (3.34 U.S. dollars) on average in the monthly electricity bills for those living in four-room government-build public housing flats, SP Services said.

Inflationary pressures have been persistent in Singapore over the past year, despite the consumer price index inflation went below 5 percent over the past two months.

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