The Energy Market Authority (EMA) has approved a 2.4% increase in gas prices, that will boost the monopoly of gas supply business of City Gas – a subsidiary of Keppel, fully owned by Temasek Holdings.
According to state media Straits Times, a 2.4% increase in gas prices will translate to up to S$19.30 per month for consumer households, and for commercial uses like restaurants, the increase will be at least S$500 for heavy users. Over 750,000 households and 15,000 commercial premises will be affected, with the increase in food cost likely to pass over to consumers. The increase will also create an estimated S$20 million a year minimum in GST collection alone.
Sitting as the Chairman of the regulatory authority is Ng How Yue, the husband of PAP MP Tin Pei Ling. Ng How Yue was promoted 4 times in 5 years while his wife serve as PAP MP for MacPherson SMC. Temasek Holdings’ CEO is the wife of Prime Minister Lee Hsien Loong, and will be the direct beneficiary of the increase in profits from City Gas.