In a market where oil prices are relentlessly moving up, by pegging to three-month forward fuel price, we have been better off by and large.
Energy Market Authority (EMA) chief executive Khoo Chin Hean, on biggest hike in electricity tariffs in 8 years
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“oil prices are relentlessly moving up”
I thought the oil price has since came down in last 2-3 months ??? I don’t get it ! Can someone explain?
Will the EM care to put their bid at US$155 in the oil futures markets for the next 3 months? This is ridiculous and we have CASE sleeping as usual and no alternative.
Spot Oil has come down from US$148 to US$96 . Dec futures are around US$95.75 (last night close).
Has this got to do with the fact that our power generation faciltiy has been sold ?
It is time to review how our electricity tarriff is priced and don’t tell us we are getting rebates!
The tariff increase applies only to households. For its commercial customers, Singapore Power has actually LOWERED tariffs. Click on the press release PDF on http://www.spservices.com.sg/ and you get to see how we’re being phucked.
Could someone clarify if the quoted forward fuel prices are in USD or SGD? I think it makes all the difference.
Oil is traded in USD in the market.
It is shocking that they decided to raise electricity by 21% when crude oil has fallen from US$147 a barrel to below US$100 today. In the first place why are they pegging electricity to crude oil when more than half of Singapore electricity is generated from the burning of gas which is cheaper. The Singapore government has also locked in this gas on low long term contract prices. Why don’t the Singapore government pass on some of this huge gain they have made in their long term gas contracts ?
I understand that oil futures is traded in USD.
Just fact finding. It was quoted from the SP website based on their press release dated 29th Sept 2008:
“The increase is due to higher fuel oil prices. For the period 1 Oct to 31 Dec 08, tariffs are pegged to a higher forward fuel oil price of S$155.14 per barrel. The forward fuel oil price is 38.06% higher than that of S$112.35 per barrel for the current quarter.”
The prices quoted by SP is in SGD, hence their equivalent 3 mth forward fuel pricing is USD$108.49 based on current exchange rates for this quarter.
Did anyone forget that the gov sell off our electricity plants to other countries ? What do you think company want to buy our electricity plant ? For profit ! It is payback time from citizen for these companies when the pathetic gov takes in billons after selling that goes unaccounted for to the public ? Did these clown put the millions to the temasek and for their perks again and did the gov collude with foreign companies ?
This government is getting bolder and bolder each day in asking money in big chunks rather than by bit. Must be thinking Singaporean good to bully.
Haven’t we learn enough?
Whenever the so called “surplus” or “gst offset package” is given, they will take it back from us by increasing prices.
In the long run, who suffer the most?
I would rather they don’t give out any surplus or offset package, or utilities rebates etc etc.
Just give me a peace of mind and stop raising prices!
Singapore is increasing its electricity rates while Hong Kong is lowering it. How come like that? Hongkong people don’t have to pay 7% GST some more.
Reference:
https://www.clpgroup.com/Media/CurRel/news/Pages/20080923_02.aspx?lang=en
OMG! see they just don’t give a f**k about the peoples feeling. Now I see the whole picture.
“OMG! see they just don’t give a f**k about the peoples feeling. Now I see the whole picture.”
gov’s mentality:
“Taking money from you is my business but you die your business.”
!!! 21% increase !!! , what will be comming next.. Should we protest at speaker corner ???
I guess the next exploitation will be public transportation going for 20% fare hike using the same excuse.
They are really blood suckers. Increased 21%, how about our salary ? any increament ?, Bus fare also going to increase come Oct. We suffer not they. Tak boleh Tahan, vote SDP.
After reading
http://feedmetothefish.blogspot.com/2008/09/whos-paying-for-all-energy-expended-at.html
Now I know why call for sudden hefty increment, it is for your own good ! It for F1′s annual spending on lightning as one of the reasons. Think the government so good let you watch F1 racing for free on TV ? No free lunch. Indeed.
Passing the cost back to Singaporean as always.
I thought those utilities companies are already making millions each year and they still want to increase the price. That is both outrageous and unreasonable
This explain it well why it call for the hefty increment. It is the F1 ! No free lunch except if you are the gahmen.
http://feedmetothefish.blogspot.com/2008/09/whos-paying-for-all-energy-expended-at.html
Some idiotic executive made the WRONG decision to peg to the futures, and now consumers have to pay for the mistake???
That’s great, I so totally get it now. The system is designed to let factory workers, cleaners, sales assistants, receptionist and other ordinary Singaporeans pay for the HUGE salaries of these incompetent executives as well as THEIR mistakes.
“Some idiotic executive made the WRONG decision to peg to the futures, and now consumers have to pay for the mistake???”
It don’t really matter if they are making right or wrong decision, because if they just want your money, they find zillion ways to dig it from you. We see it from time to time with MSM providing the firepower for gov making the same grandfather and grandmother’s stories.
We can gather at Speakers’ Corner and shout till we lose our voices and we can swear and curse as much as we like in the Blogosphere, there will be no impact on our Rulers and the Decree will remain intact.
I opine that a certain Darkness has foreseen this development sometime ago and it seems to me he could have some strategies to deal with the Socio-political situations we are in now. I sincerely hope that my reading has some accuracy and that Darkness and his Gang will volunteer their services to Singaporeans. Right now, I think only exceptional Singaporeans capable of dealing with the Machineries Of The State, willing themselves for the sake of fellow Countrymen, can change our fates.
Realistically speaking, the Common Singaporeans are powerless unless we are collective in actions. Someone or groups hopefully will rise to the occassion to lead us to seek justice. I sincerely hope that my opinion will be shared by fellow citizens.
patriot
Yes we must always believe that we are better off whenever the gehmen
impose ever increasing charges on us. It is becoming too familiar.
Were not we told that the hiking of the GST was to help the poor so that we are better off? The Hong Kongers must have been so stupid in rejecting GST in a country-wide referendum (which is never done in Singapore).
Were not we told that the tripling of our Ministers’ humongous salaries in just one year was to give us world class govt so that we are better off?
Were not we told that the increase in SBS and MRT fares was to provide more efficient services so that we are better of?
Were not we told that the huge intake of foreigners would provide more jobs so that we are better off?
Were not we told that not holding the by-election in Singapore was to save funds so that we are better off? Abdullah Badawi was so stupid in allowing a Malaysian by-election that allow Anwar to enter Parliament.
What else is new?
Response to Daniel (17). Who told you that the government let you watch TV for free. You have to pay $110.00 every year for TV license to own a TV set, otherwise you will be brought to court if you persist in not paying your TV license. This work out to about $9.20 every month. Watching TV is free only in Hongkong and Malaysia.
Ako Loh ,
I could have explain it better.
“Think the government so good let you watch F1 racing for free on TV ?”
Apart from the compulsory TV license aside, in this Singapore commericalization age, what is novelty like F1 sport event used to be paid subscription channel. I’m sure to view exciting sport programme you need to make a subscription to cableTV etc PayAndPay scheme. So the government make this exception for F1 Singapore just to promote F1. Of course, we know that for this calculative government, nothing is for free especially for citizen. They let you view F1 for “FREE” without subscription and other hand find ways to get money from their “profitable” programme. So it comes that much of the money in the end derive from the citizen’s pocket directly rather than through profit in other money-making scheme like ERP, property, land-selling etc. Feedtothefish note that electricity and lightning generate much of the $150 millions must be recouped somewhere. Needless to say, Citizen is the most brainless and easiest way to dig money from. Don’t have to be accountable to citizen, just rattle so excuses like oil prices going up, blah blah, you know that types of excuses everybody feel disgust about this ‘world-class’ gov ?
Ako Loh, you are right that people in Malaysia and Hong Kong don’t need any TV license. More than that, they can also watch the free satellite TV channels without paying any subscription. Moreover in Hong Kong, they now have much more costly high definition digital transmission with many free TV channels without the need for the govt to collect TV license fee. If you want to watch free satellite channels in Singapore the nearest place you have to go is Batam in Indonesia.
I am totally disgusted by the hike. Whatever reasons the government gave were simply bunch of bull. Seems like Singapore government is not looking after the welfare of Singaporeans. The government gives you rebates but takes it even more “fast and furious” by other means from you. Try to recall what had increased recently: transport fare, ERP mushroomed everywhere with higher tarriffs, electricity bill was increased in Mar/Apr this year already (I thought) and now the government simply robbed you again with no-more-wishy-washy hike…21%!! Take that Singaporeans!! What can you do huh? Sometimes I feel that Singapore government only takes care of those angmoh and angmoh companies. Why suck up to them? We are the owners of this country…don’t forget that!
Totally agree that we have to, collectively, voice out our concern. Even though nothing will change (for now I believe) but with ever increasing voice, one day we will no longer be bullied.
When Mr Khoo said we are better off, immediately what comes to my mind is I believed it’s a Straits Times typo error or print error, or he meant PAP is better off because many many Singaporeans cannot be the ‘we’ which he meant.
I for one resent him for representing me in his ‘we’. Please Mr Khoo, do not include me in your ‘we’. You have no damn right.
Singapore generate most of its electricity from natural gas, not oil.
Is natural gas more or less expensive than oil?
http://www.ema.gov.sg/gas/history.php