Singapore’s electricity and town gas tariffs have climbed to record levels for the third quarter, effective from July 1.
The sharp increase is driven by the Energy Market Authority passing on elevated fuel costs to consumers and businesses, marking a significant escalation in energy expenses for the city-state.
The tariff hike, amounting to a 17% rise, is already weighing on commercial operations.
The tariff hike, amounting to a 17% rise, is already weighing on commercial operations.
Local businesses, including small eateries and service providers, are reporting heightened financial stress as they absorb the increased overheads.
The immediate impact is a squeeze on profit margins for firms that cannot easily pass these costs onto customers.
This development underscores the lagging effect of global energy market volatility on domestic inflation.