Ministerial statement: K Shanmugam on impact of Middle East situation on Singapore

Singapore has not needed to restrict fuel exports or ration fuel since the start of the Middle East conflict. As the world’s third-largest oil trading hub and sixth-largest refinery export hub, the country has access to diverse sources of energy and fuel supplies, so it can respond to disruptions more flexibly. Coordinating Minister for National Security and Home Affairs Minister K Shanmugam said this in parliament on Tuesday (Apr 7). He also explained why Singapore can still meet its electricity needs in the face of fuel supply disruptions. However, he noted that it is not clear how long the disruptions will last and fuel and energy prices are likely to remain high even after hostilities cease. He said Singapore plans to increase its fuel reserves - a costly but necessary move. Turning to food security, Mr Shanmugam said the primary concern is inflationary pressure on food products. Singapore maintains strategic food stockpiles and is reviewing its supply chains. But Singaporeans should be prepared for foods from some countries to be unavailable and be flexible in choosing alternatives. The minister gave the assurance that Singapore has sufficient buffers and contingency plans in place for fuel and food, and ensures its arrangements remain robust.