Singaporean households are set to benefit from a decrease in electricity and gas tariffs for the second quarter of 2024, following lower energy costs compared to the first quarter.

On Thursday, March 28, SP Group and City Energy announced that from April 1 to June 30, the electricity tariff will decrease by 0.3% or S$0.001, bringing it down to S$0.2979 per kilowatt-hour (kWh) before Goods and Services Tax (GST), down from S$0.2989 in Q1. This reduction translates to an average monthly savings of S$0.33 for families living in a four-room Housing and Development Board (HDB) flat.

Overall, electricity tariffs are expected to drop by an average of 0.4% or S$0.0012 per kWh when considering both residential and non-residential consumers.

Gas Tariff Reduction
The gas tariff for households will also see a slight decrease of 0.1% or S$0.0003, lowering it to S$0.2312 per kWh, compared to S$0.2315 in the previous quarter. After including a 9% GST, the revised tariff will be S$0.252 per kWh.

For bulk consumers using at least 1,000 kWh of gas monthly, the pre-GST tariff will adjust to S$0.2191 per kWh, a decrease from S$0.2201. For those consuming a minimum of 50,000 kWh, the revised pre-GST rate will be S$0.2131 per kWh, down from S$0.2145.

Regulatory Review
SP Group and City Energy assess the electricity and gas tariffs quarterly, adhering to guidelines set by the Energy Market Authority (EMA). In the previous quarter, household energy bills had risen due to increasing energy costs, a higher carbon tax, and the rise in GST from 8% to 9%.

This upcoming reduction in tariffs is a welcomed relief for households amidst the fluctuating energy landscape.