SINGAPORE: About 95% of Singapore’s electricity is produced from imported natural gas and the “extensive disruptions to oil and natural gas production in the Middle East” will lead to price hikes for consumers, Singapore’s Energy Market Authority said on Tuesday.
Fuel prices are expected to remain elevated in the foreseeable future, said the authority.
Singapore is likely to see “further and potentially sharper increases” in electricity and town gas tariffs in subsequent quarters. The Energy Market Authority is closely monitoring the situation and working closely with the industry to ensure supply security.
“We cannot predict how long the conflict in the Middle East will last. Household and business consumers must therefore be prepared for higher and more volatile energy costs,” Energy Market Authority said in a statement.
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