Consumers can expect lower gas and electricity tariffs in the first three months of 2019.
Gas tariffs for households will decrease by 0.81 per cent from Jan 1 to March 31, City Gas, a trustee of City Gas Trust, announced on Sunday (Dec 30).
This means a decrease of 0.16 cent per kilowatt hour, from 19.67 to 19.51 cents per kwh.
The revised tariff will add up to 20.88 cents per kwh after the goods and services tax.
City Gas said that the decrease in gas tariffs is due to a decrease in fuel costs as compared to the previous quarter.
It reviews gas tariffs based on guidelines set by the Energy Market Authority (EMA), the gas and electricity industry regulator.
This is the first fall since February. Gas tariffs previously increased by 2.29 per cent from Nov 1 to Dec 31 and 3.78 per cent from Aug 1 to Oct 31.
Electricity tariffs for the next quarter are also set to decrease by an average of 1.2 per cent per kwh or 0.28 cent per kwh.
Energy utilities provider SP Group said that the decrease is mainly due to the lower cost of natural gas for electricity generation compared to the quarter before.
For households, the electricity tariff will drop from 24.13 to 23.85 cents per kwh for the time period.
This means that the average monthly electricity bill for four-room Housing Board flats will decrease by $1 per month, excluding the goods and services tax.
SP Group said that electricity tariffs are reviewed quarterly based on guidelines set by EMA.
The electricity tariff consists of four components: energy costs, network costs, a market support services fee, and a market administration and power system operation fee.
It is the first time that electricity tariffs are falling after tariffs rose for five consecutive quarters since October 2017.