SINGAPORE: As oil and gas prices rise amid the widening conflict in the Middle East, Prime Minister Lawrence Wong said on Thursday (March 19) that the government is ready to roll out additional measures to support Singaporeans.
PM Wong said this as he fielded questions during an official three-day visit to Japan, during which it was announced that Singapore and Japan have agreed to a strategic partnership and new areas of cooperation.
When a member of the media asked about higher pump prices and whether there will be additional assistance for drivers, given the calls to reduce petrol duties.
The Prime Minister said that the oil price situation, which has been dynamic, is being watched very closely. Aside from the possibility of a prolonged conflict, even if military operations stop, how long the Strait of Hormuz, where 20 per cent of the world’s oil supply passes daily, will remain blocked remains uncertain.
“If the Strait of Hormuz continues to be blocked for a longer stretch, I think there will be severe consequences for the entire global economy. A lot of the focus has been on oil and gas, but it goes beyond that. Because the supply of fertilisers, for example, may be impacted, and then you will have a downstream impact on food supply,” PM Wong said.
He also gave the example of helium, which is used in MRIs and other hospital equipment, as well as semiconductor production, because its supply is blocked as well.
“A prolonged blockage of the strait will have significant implications for the global economy, and may tip the economy into a tailspin, a downturn, or even a recession,” he warned.
In the meantime, the Budget measures that were announced, such as U-Save and business assistance measures, are being rolled out. The Prime Minister said that households and businesses will feel the effects of these measures very soon.
He added, however, that the government is ready to implement additional measures beyond what had been announced in the budget and that Singapore has “the resources to do so decisively and quickly.”
Read related: ‘So little.’ Some S’poreans seem disappointed at Budget 2026 announcements
Singaporeans react
Many commenters online said they were thankful for this assurance, although some urged for more immediate action.
An Instagram user said that it would be good to hand out CDC vouchers, which are not scheduled until next January, now.
“Seen hawker centres and wet markets with NO QUEUE lately. Don’t wait until they shutter,” they added.
“This whole year, no issue of CDC vouchers. Have to wait till the beginning of next year,” wrote another.
One asked if vouchers could be given out for car users, while several asked for work-from-home schemes to be implemented, as this would lessen costs for both employers and employees. /TISG
Read also: Singapore likely to experience retail price increase as a result of fuel shock
