The right thing to do.

Sometimes the right thing to do, is the last thing that is likely to be done - especially in some parts of the world.

I will explain. In October, across the breadth of Singapore, residential customers of Singapore Power were levied with a 21% increase in electricity charges, on the justification that "the forward price of oil has an upward trend". This, of course, was despite the fact that the price of oil had already started to fall rapidly and promised to fall a great deal more - which it subsequently has. Slothfully, and finally recognizing the situation, the-powers-that-be, have stated that electricity rates are to return "probably the level they were before October". In other words they will drop by the margin by which they rose.

That might seem fine...but hang on a minute. What price SHOULD electricity be? We have been told, most clearly, that the price of electricity, in Singapore, is linked closely to the price of crude oil (after all that was the justification for raising the price in the first place), thus, should not the price of electricity reflect the new price of oil? The last time I checked, today, oil was at 58 dollars a barrel - a price in the range of the early part of 2005. Thus electricity tariffs in Singapore should be reduced to what they were in early 2005: that would be a true reflection of the situation. Reducing the tariff to the rate of just before October 2008 doesn't truly reflect the situation with oil, now.

There is another matter. Since it is clear that there was no REAL justification for the electricity price rise (it was a phantom based on incorrect data), shouldn't there be a refund for all domestic customers of the amount they were over-charged? That, in these recessionary times, would be the right thing to do. Like I said, above, I expect that it is the last thing that is likely to happen.

However, I will check my power bill, in January, on the offchance that someone up above, has decided to do the right thing, after all.

Try this link for information on previous oil prices: http://en.wikipedia.org/wiki/Oil_price_increases_of_2004-2006

Thanks.

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