Singapore has multiple lines of defence to safeguard energy security: Tan See Leng
CNA
Electricity prices are expected to increase in the coming months, but the government stands ready to support households and businesses as necessary, said the Minister-in-charge of Energy and Science & Technology.
SINGAPORE: Singapore has multiple lines of defence to safeguard its energy security from the Middle East conflict, but people should expect electricity prices to increase in the coming months, Minister-in-charge of Energy and Science & Technology Tan See Leng said on Thursday (Mar 12).
Dr Tan noted that the closure of the Strait of Hormuz has affected global imports of crude oil and liquefied natural gas (LNG) from the Middle East, which will likely result in higher global fuel prices in the near term.
Before the war, about a fifth of the world’s daily oil consumption passed through the Strait of Hormuz.
“With the global environment becoming less certain and stable, fuel disruptions and price fluctuations are more frequent,” he said in a Facebook post.
“These effects are felt in Singapore, where we import all of the natural gas needed to fuel about 95 per cent of our electricity generation.”
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As a small and open economy, Singapore is exposed to global energy price shocks, analysts said.
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