Higher transport, grocery prices: How the surge in oil prices could impact Singapore
CNA
As a small and open economy, Singapore is exposed to global energy price shocks, analysts said.
SINGAPORE: The surge in global oil prices following the escalating conflict in the Middle East could have knock-on effects on Singapore’s economy, raising the costs of goods and services beyond just petrol prices, analysts said on Monday (Mar 9).
The war has prompted some major Middle Eastern oil producers to cut supplies over fears of prolonged disruption to shipping through the Strait of Hormuz – a chokepoint through which about a fifth of the world’s daily oil consumption passes.
The supply disruption has impacted prices – Brent crude oil prices surged past US$100 per barrel on Monday, reaching levels seen during Russia’s invasion of Ukraine in 2022.
As a small and open economy that imports most of its raw materials, Singapore is exposed to global energy price shocks, analysts said.
“Any significant movement in energy price gets translated to the ground very quickly,” said Mr Song Seng Wun, an economic adviser at Singapore-based fintech firm SDAX.
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As a small and open economy, Singapore is exposed to global energy price shocks, analysts said.
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