As you may be aware the oil prices have surged in the past few weeks. We wish to share with you some insights on the oil price and how it may affect your electricity bill.
Every day when we flip on a switch, we immediately enjoy the luxury of the lights coming on or the air-con filling the room with cool air, but how often do we take a moment to consider the source of this energy?
1st April 2018 saw the soft launch of the Open Electricity Market in Singapore ushering in a new age of competitiveness, lower prices and new retailers competing hard for your money! While it might seem overwhelming with the various price plans in the market with different labels, it all really boils down to three types of plans which are very different from each other.
Flip a switch and it’s there for you – electricity is a core necessity in our lives and as a result, we often just pay our electric bill without much thought…until electricity tariff suddenly goes up without us knowing! The thing is, most of our household electric consumption tends to stay relatively constant over a long period of time and the moment we see an increase in our bill, blaming the retailers, electricity generators or even the government seems to be the knee-jerk reaction. However, that isn’t always true and there is a factor that dictates how high or low your electric bill will be: the oil price. Huh? What does the oil price have to do with our utility bill? Quite a lot in fact!