Fuel supply stable, but Govt keeping close watch on situation amid price hikes: Jeffrey Siow
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Acting Transport Minister Jeffrey Siow noted that the Government is working to make sure that Singapore’s fuel supply is stable.
ST PHOTO: LIM YAOHUI
DeeperDive is a beta AI feature. Refer to full articles for the facts.
- Singapore's fuel supply is stable with open supply lines and stockpiles not being eroded, according to Acting Transport Minister Jeffrey Siow.
- Rising fuel prices, due to Middle East conflict, impact transport; airlines raised ticket prices, operators offer subsidies.
- Government monitoring the situation closely and will consider intervention "at a later juncture" if needed amid price hikes.
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SINGAPORE – The fuel supply situation in Singapore is stable for the time being and stockpiles are not being eroded, said Acting Transport Minister Jeffrey Siow on March 26.
But rising fuel prices have had an impact on transport services. The Government is keeping a close watch on the situation to assess if there is a need for it to intervene “at a later juncture”, Mr Siow said.
He was responding to a question from The Straits Times at an interview at Dakota MRT station on his current assessment of the impact of the Middle East conflict on the transport sector here and the support the Government has planned.
Mr Siow, who is also Senior Minister of State for Finance, noted that the Government is working to make sure that Singapore’s fuel supply is stable.
“Currently, the fuel market is liquid. Our stockpiles are also not being eroded, and our supply lines remain open,” he said.
Adding that the overall situation is stable, Mr Siow said the authorities will still have to monitor the situation every day to ensure that “everything remains okay”.
On the issue of rising fuel prices, Mr Siow said some of the impact has been accommodated by market adjustments – for example, airlines have raised ticket prices, and platform operators have offered their drivers and delivery workers fuel subsidies.
“We are watching it very closely to see whether there’s a need for us – meaning the Government – to make an intervention later,” he said.
“We will continue to monitor the situation and consider doing so at a later juncture.”
Consumers across land, air and sea transport are feeling the pinch from the surge in fuel prices caused by the Iran conflict, with fuel surcharges being raised or imposed by some airlines and most ferry operators here.
Motorists are also paying more at the pump. Price comparison platform Price Kaki showed that 95-octane petrol costs $3.47 a litre at Caltex, Esso and Sinopec as at March 26. Shell charges $3.42 a litre, while SPC charges $3.46. Cnergy charges the least, at $2.48 a litre.
The same grade of petrol used to cost $2.88 a litre at most petrol stations before the US and Israel first struck Iran on Feb 28.
Since then, the Strait of Hormuz – which connects the Persian Gulf with the wider world and handles about a quarter of the world’s seaborne oil trade – has been largely blocked.
