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(Bloomberg) — Power bills for households in Singapore will hit a record high next quarter as the impact of the US-Iran war feeds through, highlighting the inflationary fallout from the conflict even as regional tensions ease.
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The charge will rise 17% to 31.91 Singapore cents ($0.25) per kilowatt hour for the July-to-September period, grid operator SP Group said in a statement. That’s the highest to date, and tops the previous peak of 30.45 cents in the fourth quarter of 2008 following a surge in fuel costs, according to emailed comments from the Energy Market Authority.
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Singapore relies largely on imports of natural gas to generate electricity, and the authorities adjust tariff charges each quarter based on prices over the first two-and-a-half months of the prior period. While global prices eased in recent weeks as an interim US-Iran deal allows the Strait of Hormuz to reopen, they were elevated from April to mid-June.
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“Changes in global fuel prices take some time to be reflected in the electricity tariffs,” SP Group said. “The situation in the Middle East remains uncertain. Should the situation improve, global fuel prices and correspondingly the electricity tariffs for the fourth quarter of 2026, may decrease.”
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The overall electricity tariff — a category that includes non-households — will increase by 17.5% compared with the previous quarter, SP Group said.
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More than 1 million households living in the public-housing system will receive rebates to help offset utilities expenses, the Ministry of Finance said on Tuesday in a regular update on payments.
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Earlier this month, Prime Minister Lawrence Wong warned the economy had yet to feel the full impact of the war, and uncertainty remained. The government continued to be concerned, with growth and inflation pressures likely emerging in the second half, Wong said at a Singapore Press Club event.
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Singapore’s core inflation rate was unchanged in May at 1.4% from a year earlier, the same pace as in April, while the all-items figure was 1.8%.
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Last year, Singapore bought more than 40% of its LNG from Qatar, according to ship-tracking data compiled by Bloomberg. This year — following disruptions in the Middle East, including in Qatar — the nation has bought enough supply to last through the year-end, with spot shipments secured from regions outside the Persian Gulf, state buyer Singapore GasCo Pte Ltd. has said.
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(Update to add comment from EMA in second paragraph, inflation in penultimate paragraph.)
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