Fuel supply in Singapore remains stable, stockpiles 'not being eroded': Jeffrey Siow

Singapore's fuel supply is currently "stable" amid the Middle East conflict, said Acting Minister for Transport Jeffrey Siow on Thursday (March 26).

"Currently, the fuel market is liquid. Our stockpiles are not being eroded, and the supply lines remain open," he said in response to a question from The Straits Times on how the war may impact transport services here.

Acknowledging that there is an impact on Singapore's air, sea and land transport sector, Siow stated the Government is working to ensure that fuel supply remains stable.

Another issue affecting the industry is the hike in fuel prices, he told the media, while noting that the market has accommodated some of the impact.

"For instance, airlines have raised ticket prices, and some of our platform operators have also given a few subsidies to our drivers and platform delivery workers.

"We are watching very closely to see whether there's a need for the Government to make an intervention later."

Major petrol companies in Singapore had gradually raised prices over the past three weeks.

National Trade Union Congress (NTUC) assistant secretary-general Yeo Wan Ling said on March 24 that the union is working with platform operators and taxi companies to prevent rising fuel costs from being passed on to drivers and riders.

ComfortDelGro and GrabCab have temporarily raised metered fares, and other taxi operators are introducing support schemes such as fuel vouchers and rental rebates.

Some cruises and ferries sailing from Singapore have also implemented fuel surcharges.

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lim.kewei@asiaone.com