Singapore’s monopoly gas provider, City Gas, today (Apr 30) announced a 0.6% increase in gas tariffs for households, from 18.42 cents/kwh to 18.53 cents/kwh (ex-GST prices) from May 1 to Jul 31. The Temasek Holdings-owned monopoly claimed that the increase is due to a higher cost in production and delivery of town gas. There is however no financial reports to back City Gas’s claim, as it’s annual reports are hidden from the public.
The total price hike for this year is now 4.79%, the largest increase in a year, after a 4.19% increase was announced in Jan 2018. Last year in April, the price of gas was only 17.61 cents/kwh, or 5.2% cheaper than 2018’s April.
The electricity tariff was also increased by 6.3% in an earlier announcement, following a 30% increase in water price last year.
The price hike is approved by the husband of PAP MP Tin Pei Ling, Ng How Yue, who was also the former private principal secretary to Lee Hsien Loong. The CEO of Temasek Holdings is the wife of Lee Hsien Loong, Ho Ching.
Ho Ching recently lost S$61 million in Temasek Holdings after one of the subsidiaries filed for bankruptcy in China. Since her appointment as Temasek Holdings CEO in 2003, CPF Withdrawal Age has been increased from 55 to 63, while Minimum Sum was doubled from S$80,000 to S$181,000.