“Electricity will cost more for the upcoming quarter, starting April. It will be the fourth consecutive quarter of increase. SP Services said that is because of a continued increase in fuel oil prices.”
HELP keep the voice of TOC alive!
If you like this article, please consider a small donation to help theonlinecitizen.com stay alive. Please note that we can only accept donations from Singaporeans. Thank you for your assistance.Do you have a flair for writing? Volunteer with us. Email us your full name and contact details to theonlinecitizen@gmail.com
So when will the bus fare, mrt/lrt fares go up?
When oil prices is down, they take their own sweet time to reduce the price, when oil prices is up, immediately up the price. This is Singapore for ya where corporations and GLCs suck money from every possible place.
In the first place, we shouldn’t have linked gas prices (which is the fuel burnt to get our electricity) link to crude oil prices. Totally not related except for the contract on which it was signed.
No welfare, no Free Lunches, no subsidized this or that, everyone must help themseleves.. The job market continues to be allowed to be plundered by their FT policy, and recently they intend to take away people’s last resource to help themselves by selling their HDB property… meantime they continue to increase electricity along with all the others annually.
Then they ask why the Low Birth Rate and the Brain Drain…
@l0b076
u seem informed about this topic.
could u elaborate more about the linkage between crude oil and the contract thing u mentioned?
anonymous
Quote from http://www.allbusiness.com/mining/oil-gas-extraction-crude-petroleum-natural/495384-1.html
The price is tied to the market values of high sulphur fuel oil, naphtha and gasoil…
Why we should try to renegotiate.
http://seekingalpha.com/article/191912-the-price-link-between-crude-oil-and-natural-gas-is-disappearing
I am fairly sure that the fuel used to power our generators is made from crude oil.
We are going back to another inflation run like what we saw before the financial crisis when the prices of everything went up and we had record inflation (highest in 25 years). I remember then that the Govt said that luckily our Sing Dollar is high else inflation will be worst and that followed shortly by dismay export numbers resulting in Singapore going into the recession even before the Financial crisis.
I hope this time round, the Govt be more active to combat inflation instead of maintaining a high SGD which I thought back then was really stu*pid.
This is only one of the Mother of all price increases.
More will follow.
@ Seow
woah, this is the first time i heard about it.
i agree with u. a strong SGD will cause SG exports to be extremely expensive compared to other countries. i dun understand how come the mini-stars will say otherwise.
i thought they’re elite… maybe they think SGreans are all f-ing retarded.
Old Man
Mar 31, 2010 19:25
This is only one of the Mother of all price increases. More will follow.
It’s already happening now, suddenly COE went up by double and all the profit made from selling your hdb flat now goes back to your locked up cpf. Both TH & GIC lost more than $100billions of our reserve including all our cpf life savings and now the old fart is making us citizens to pay for his mistake while on the other hand they are now using the state control Shitty times to mislead the people that their govt is doing alot in taking care of the people, what a total BS and blantant lies from these bunch of sick b**tards!
They have already managed to manipulate their own bought foreign turned new citizenships using our taxpayers money and now resorting to murdering its local bred citizens one by one. This old fart is worst than a devil in disguise.
. . . . . oh how I wish someone shoot him down.
Actually,
SGD is undervalued which causes inflation. Take for example China whose yuan is undervalued….the inflation is crazy.
Anyway, fuel oil is a component of crude oil, just like gasoline, kerosene, diesel. Fuel oil forms the bulk of crude oil after the crude oil goes through a refinery. However, crude oil and fuel oil prices may not move in tandem. Different grades of crude oil produce different amount of fuel oil, which powers your refinery. If say shell or exxon uses a crude oil that produce less fuel oil, it may cause supply of fuel oil to drop. Also, some countries sell fuel oil straight and have international markers for the fuel oil prices that is controlled mainly by suppliers. Fuel oil, since it is the cheapest component since its main purpose is for ship fuel and power generators, is usually upgraded to gasoline or diesel via catalytic crackers in refinery. Upgrading fuel oil may lower its supply and thus increase prices.
In short, Oil prices are usually controlled by the oil companies and the oil producers.
However, I heavily believe that the government should susidise or absorb this increase for the time being since market corrections for oil may take place in the future instead of so hastily rising electricity prices.
We’d better pray hard for cool weather, then can sleep without air-conditioning, without fan.
Wonder if that’s why people start sleeping / camping outside nowadays, at the park, on benches, etc., to rely on cool air outside of home, save electricity (besides the homeless).
PAP is adding the cost on employers, Singaporeans did not. So please do not blame local workers for being costly to business. It is the cost of electricity, rental and other operational expnses required by the govt.
Govt sold SP to foreigners.
S’pore Power Stations run mostly by natural gas supply from Indonesia. The contract is no change in natural gas price for at least next 10 – 20 yrs.
Yet the electrical charges with GST are shooting up like rockets.
Damn the govt.
smells like mo good years?
majority rulez.
When fuel prices went down, electricity prices did not go down until all sorts of complaints.
Raymond Lim said electricity prices dont correlate with fuel prices.
80% of our electricity are generated by cheap gases from neighbours.
So whose fault?
we want free water and electricity! Down with the govt if they don’t give us. Vote them out! I want a party that can provide free housing, electricity, water and other basic amenities to the people! The people deserve free basic amenities else how to survive?
We would never forget how Ho Ching sold off the Power Utility Station to YTL, amid public suspicions she
has to window-dress the balance sheet of Temasek, owing to her disastrous investments in overseas financial institutions. It is not right we have to pay foreigners for the use of electricity.
//tom
great coment.
How else to cover up the losses from TH/GIC?
The RGE esimated GIC to be 250 billion. TH about 100 billion.
Losses from the 2 lately is about 100 billion. So, GIC/TH is about the amt of public debt held by govt.
That’s why they are cutting interest rates in CPF like crazy.
Rest assured: the interest rate is not going to be 4%+1% for retirement account next year.
It will be at most 2.5% + 1% for 1st 60K.
Old people who put monies into CPF now will be tricked big time.
sad.
How else to cover up the losses from TH/GIC?
The RGE esimated GIC to be 250 billion. TH about 100 billion.
Losses from the 2 lately is about 100 billion. So, GIC/TH is about the amt of public debt held by govt.
That’s why they are cutting interest rates in CPF like crazy.
Rest assured: the interest rate is not going to be 4%+1% for retirement account next year.
It will be at most 2.5% + 1% for 1st 60K.
Old people who put monies into CPF now will be co**ed big time.
sad.
Rest assured: the interest rate is not going to be 4%+1% for retirement account next year.
It will be at most 2.5% + 1% for 1st 60K.
Not sure how they justify the increase and some more get approved.
Seems like the trend is when the US$ goes down, oil price goes up. So this is to the advantage of S$. i.e we use lesser S$ to buy oil right? then why the increase?? Unless they are trying to make more profits from both the exchange rate and the electricity rate increase.
@ HaiGong
i think that u r thinking too much.
they do not need any reason to increase the rate other than they “feel like it”.
There is a full page ad in Today papers announcing , and explaining the tariff hikes.
Energy cost – 18.36 cts per kWh
Network, MSS Fee and Market Admin – 5.2 cts per kWh
total – 23.56
Selling off the 3 power stations to YTL, Lion Energy and HuaNeng leaves SingPower with the clean task of billing, which is a sure win. The collection amounts to 22.07 pct of the final cost per kWH, Then there is another 7 pct for GST.
Earnings by all three investors recently apparently were glowing. Why wasnt this decision to hive off all the power stations, which should be our strategic assets, not even debated in our esteemed parliament ?. What saddens me is that NONE of our MPs nor ministers see it fit to question. And that includes the opposition.
Seow
Mar 31, 2010 17:35
I am fairly sure that the fuel used to power our generators is made from crude oil.
No…. it’s mostly natural gas.
Source: http://www.e2singapore.gov.sg/power-generation.html
The price is tied to the market values of high sulphur fuel oil, naphtha and gasoil.
http://www.allbusiness.com/mining/oil-gas-extraction-crude-petroleum-natural/495384-1.html
When they shouldn’t really be linked.
http://seekingalpha.com/article/191912-the-price-link-between-crude-oil-and-natural-gas-is-disappearing
Seow
Mar 31, 2010 17:35
I am fairly sure that the fuel used to power our generators is made from crude oil.
No…. it’s mostly natural gas.
Source: http://www.e2singapore.gov.sg/power-generation.html
The price is tied to the market values of high sulphur fuel oil, naphtha and gasoil.
http://www.allbusiness.com/mining/oil-gas-extraction-crude-petroleum-natural/495384-1.html
When they shouldn’t really be linked.
http://seekingalpha.com/article/191912-the-price-link-between-crude-oil-and-natural-gas-is-disappearing
To tiredsingaporean Mar 31, 2010 20:10
his worthless hide and his cronies are not worth the bullets or any other mortality causing tools/devices.
Frankly speaking, people without conscience who do evil deeds will automatically get their just desserts in the end. This is a historical fact and has been un-changeable over 12,000 years.
We don’t need to do anything except that once he is gone, like recognized tin-pot tyrants / self serving idiotic parasites in the past, is NOT to recognize their greatness or “good” reputation but to use what has been done as history lessons in dry text books for future generations of singaporeans and others to re-learn wisdom, understand their conscience and truely think independently based on the facts.
Those who cannot remember the past are condemned to repeat it. George Santayana (1863 – 1952)
@ sturmtruppen
i do not think so. the PAP controls everything, and i highly doubt that there are enough people that know the deeds of the past. besides, *sombody’s* gonna die of natural causes anyway. (just putting it here in case the ISD catch me and throw me somewhere where the sun dun shine)
unless there’s a liberal government in SG. and i doubt that i will live to see that day. btw, im 25.