Impact of War in Iran on Singaporeans and Singapore's Businesses, Trade, Supply Chains, LNG Stockpiles and Prices

1 Mr Chua Kheng Wee Louis asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the recent magnitude and speed of adjustments in diesel and petrol prices are in line with refined wholesale prices; and (b) whether the Government is considering temporary or permanent diesel and petrol pump price adjustment mechanisms to mitigate the impact of pump prices on consumers and businesses.

2 Ms Hazlina Abdul Halim asked the Deputy Prime Minister and Minister for Trade and Industry (a) what is the Government's projections on electricity price increases over the next six to 12 months in light of rising global oil and gas prices; and (b) what measures are in place to shield households from sudden spikes in electricity prices.

3 Mr Kenneth Tiong Boon Kiat asked the Deputy Prime Minister and Minister for Trade and Industry given Australia's 2025 review of the Prohibiting Energy Market Misconduct Act found retailers systematically raise prices faster than they lower them, and recommended symmetrical cost-pass-through obligations requiring retailers to both pass on cost decreases and justify price increases against underlying costs, whether the Government will adopt similar safeguards to protect energy consumers during and after the Strait of Hormuz disruption.

4 Ms Diana Pang Li Yen asked the Deputy Prime Minister and Minister for Trade and Industry (a) what factors explain differences in effective petrol prices across retailers after discounts and promotions amid recent global oil price volatility and regional supply disruptions; and (b) whether the Ministry will review whether existing measures on petrol price transparency and current market conditions are sufficient to support fair competition and allow consumers to make informed choices.

5 Mr Foo Cexiang asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Government has observed significant impact to sectors other than oil and gas due to the Middle East situation; and (b) what are the support measures to be implemented in order to mitigate adverse impact and assist businesses facing price and supply challenges.

6 Mr Foo Cexiang asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Competition and Consumer Commission of Singapore (CCCS) is actively monitoring the price increases by petrol companies; and (b) how will the CCCS ensure that the Middle East situation is not used as a convenient excuse for anti-competitive behaviour amongst petrol companies.

7 Dr Choo Pei Ling asked the Deputy Prime Minister and Minister for Trade and Industry (a) how does the Government assess whether global trade disruptions are temporary or indicative of longer-term shifts; (b) what factors inform such assessments; and (c) how do these assessments shape adjustments to Singapore’s economic strategy.

8 Mr Pritam Singh asked the Deputy Prime Minister and Minister for Trade and Industry in light of damage to key liquefied natural gas (LNG) facilities in Qatar (a) what is the estimated impact on household expenditure in Singapore over the next three years; (b) what measures will the Government roll out to help businesses and households manage price shocks; and (c) what thresholds will necessitate fiscal intervention.

9 Mr Pritam Singh asked the Deputy Prime Minister and Minister for Trade and Industry what is the scope of the Government’s contingency plans in the event of a disruption in energy supplies or a prolonged period of high energy prices.

10 Mr Gerald Giam Yean Song asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether a severe shortage of fuel supply for electricity generation will trigger a declaration of a High-Risk Operating State under the Singapore Electricity Market Rules; (b) how many months can current national fuel reserves sustain electricity generation if the Strait of Hormuz remains closed; and (c) under what conditions will the Standby LNG Facility reserves be released to power generation companies.

11 Mr Sharael Taha asked the Deputy Prime Minister and Minister for Trade and Industry given Singapore’s reliance on global energy markets (a) what is our quantified exposure to prolonged Strait of Hormuz disruption; (b) what is the projected pass-through of rising oil prices into household costs over the next six to 12 months; and (c) beyond energy, what critical imports such as food, logistics, aviation are most at risk, and what diversification strategies are in place.

12 Mr Sharael Taha asked the Deputy Prime Minister and Minister for Trade and Industry in light of rising global energy prices and resulting increases in fuel, utilities and logistics costs (a) what is the Government’s assessment of how such costs are passed through to businesses and consumers; (b) whether price adjustments are justified and proportionate; and (c) what measures are in place to ensure fair and timely pass-through of cost reductions and prevent unjustified price increases.

13 Mr Sharael Taha asked the Deputy Prime Minister and Minister for Trade and Industry in light of ongoing tensions in the Strait of Hormuz and the disruption to global crude oil and feedstock flows (a) what is the Government’s assessment of the impact on supply into Singapore’s refineries; and (b) how will this affect refinery utilisation rates, downstream output including fuels and petrochemicals, and Singapore’s overall position as a refining and trading hub.

14 Mr Lee Hong Chuang asked the Deputy Prime Minister and Minister for Trade and Industry in light of the current economic climate, how can the Government ensure that energy support measures like subsidies or grants are precisely targeted to help to most vulnerable small and medium enterprises (SMEs) without creating market distortions or giving unfair competitive advantages across sectors.

15 Ms Mariam Jaafar asked the Deputy Prime Minister and Minister for Trade and Industry in light of disruptions arising from the conflict involving Iran (a) whether the Government has reassessed the balance between efficiency and resilience in Singapore’s energy and supply chain strategy; and (b) if so, how is the reassessment being operationalised across industries.

16 Ms Nadia Ahmad Samdin asked the Deputy Prime Minister and Minister for Trade and Industry (a) how the Government is monitoring food price movements in response to the Middle East conflict; and (b) whether more frequent reporting on such movements will be shared publicly to help consumers understand price changes and prepare earlier accordingly.

17 Ms Sylvia Lim asked the Deputy Prime Minister and Minister for Trade and Industry (a) what is the Government's assessment of the impact of the USA, Israel and Iran war on Singapore's energy supply and costs for the next 12 months; and (b) what is the Government's strategy to mitigate the risks and impact of supply disruption and sharp rises in prices.

18 Mr Liang Eng Hwa asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether damages to Qatar’s Ras Laffan liquefied natural gas (LNG) facilities have material impacts on Singapore’s short and medium term LNG supply; (b) whether alternative sources and procurement arrangements are sufficient to offset any shortfall; and (c) whether the declarations of force majeure arising from these disruptions will have significant impacts on Singapore’s downstream industries, including electricity generation and industrial users.

19 Mr Liang Eng Hwa asked the Deputy Prime Minister and Minister for Trade and Industry weather the current energy supply shocks arising from conflicts in the Middle East are expected to accelerate Singapore’s efforts to diversify its energy mix, including increased investments in alternative energy sources such as nuclear energy.

20 Mr Saktiandi Supaat asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the current Middle East conflict has highlighted risks to Singapore from supply fragmentation and energy nationalism, including export restrictions by producer countries; and (b) how Singapore is strengthening its long-term energy security strategy in response.

21 Mr Saktiandi Supaat asked the Deputy Prime Minister and Minister for Trade and Industry whether the Government can provide a holistic assessment of the macroeconomic impact of the Middle East conflict thus far on Singapore, including (i) inflation pass-through (ii) growth risks (iii) household cost pressures and (iv) policy responses, under both baseline and adverse energy shock scenarios.

22 Ms Hazlina Abdul Halim asked the Deputy Prime Minister and Minister for Trade and Industry in light of recent impact of the Middle East conflict on global energy supply (a) what national-level measures are in place or being considered to encourage energy conservation; and (b) what immediate interim support or adjustments can households, workers and businesses expect at this time.

23 Mr Fadli Fawzi asked the Deputy Prime Minister and Minister for Trade and Industry (a) what is the status of Singapore's helium supplies following the closure of the Strait of Hormuz; and (b) whether the Government has contingency plans to help the semiconductor industry access sufficient helium supplies for production.

24 Mr Fadli Fawzi asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Government will consider further regulating petrol station operators to ensure that changes in petrol prices, especially increases, are linked to actual market conditions; and (b) if not, why not.

25 Ms Joan Pereira asked the Deputy Prime Minister and Minister for Trade and Industry in view of the escalating conflicts in the Middle East (a) what is the potential impact of the disruptions in supply chains on Singapore; and (b) what are the mitigating measures to maintain stability in our prices and access to supplies.

26 Dr Charlene Chen asked the Deputy Prime Minister and Minister for Trade and Industry given the possibility of a prolonged Middle East conflict (a) what is the Ministry’s latest assessment of the risks to Singapore’s long-term economic stability and job security in trade-dependent sectors; and (b) what specific progress has been made in diversifying energy imports and boosting the national stockpile to buffer against protracted supply chain disruptions.

27 Ms Denise Phua Lay Peng asked the Deputy Prime Minister and Minister for Trade and Industry (a) what is the Government’s assessment of the impact of the Iran war on the (i) rising price of oil and (ii) cost of business, especially energy businesses; and (b) whether there are measures the Government will be taking to address these concerns.

28 Mr Dennis Tan Lip Fong asked the Deputy Prime Minister and Minister for Trade and Industry (a) how has the Middle East conflict impacted Singapore’s trade volume and GDP growth forecasts for 2026; and (b) what specific measures are being implemented to support local businesses, particularly SMEs, facing the consequences of the disruption of energy supplies and global trade routes.

29 Dr Charlene Chen asked the Deputy Prime Minister and Minister for Trade and Industry in view of the Middle East conflict (a) how is the Ministry monitoring the impact of fuel price volatility on Small and Medium Enterprises (SMEs) with high transport and energy costs; and (b) whether the Ministry will consider targeted temporary support, including energy grants or enhancements to the Energy Efficiency Grant (EEG), to help businesses manage cost spikes and mitigate downstream impact on consumers.

30 Mr Christopher de Souza asked the Deputy Prime Minister and Minister for Trade and Industry (a) what is the Ministry’s assessment of Singapore’s ability to withstand current oil price shocks arising from the Middle East conflict; and (b) how the Government will support households and businesses facing cost-of-living pressures arising from the conflict in the short, medium and longer term.

31 Ms Elysa Chen asked the Deputy Prime Minister and Minister for Trade and Industry in light of recent disruptions to global liquefied natural gas supply chains arising from the ongoing conflict in the Middle East (a) whether the Government can assure Singaporeans that backup plans are in place to maintain energy security; and (b) whether households and businesses should expect any increase in energy prices in the coming months.

32 Mr Yip Hon Weng asked the Deputy Prime Minister and Minister for Trade and Industry (a) what proportion of Singapore’s crude oil and liquefied natural gas (LNG) imports currently transit through the Strait of Hormuz; (b) how many days of national consumption can our existing oil and LNG stockpiles sustain; and (c) what contingency plans are in place to mitigate prolonged Middle East supply disruptions.

33 Assoc Prof Terence Ho asked the Deputy Prime Minister and Minister for Trade and Industry in view of the risks of a prolonged conflict in the Middle East affecting oil prices, whether the Ministry plans to review (i) its targets for renewable energy and (ii) its approach or timeframe for the deployment of other alternative energy sources including nuclear power.

34 Mr Christopher de Souza asked the Deputy Prime Minister and Minister for Trade and Industry what lessons can be drawn from the current oil crisis to inform Singapore’s long-term energy-security strategy.

35 Mr Lee Hong Chuang asked the Deputy Prime Minister and Minister for Trade and Industry in view of the current conflict in Iran affecting energy prices (a) what is the outlook and strategy for ensuring Singapore’s energy security; and (b) what intervention measures will the Ministry be prepared to take if oil prices continue to spiral as a result of a prolonged conflict.

36 Ms Nadia Ahmad Samdin asked the Deputy Prime Minister and Minister for Trade and Industry (a) what is the Government’s assessment of how rising fuel prices are affecting SMEs and Singaporeans who depend on their vehicles for daily income, including private hire drivers and delivery riders; (b) what support is available to these segments; and (c) what safeguards are in place to ensure that fuel price increases do not disproportionately burden consumers through excessive pass-through.

37 Mr Ng Shi Xuan asked the Deputy Prime Minister and Minister for Trade and Industry whether there are plans to accelerate (i) the review of applications for or (ii) expand the scope of the Energy Efficiency Grant, to help businesses navigate recent volatility in energy costs and ensure energy stability.

38 Mr Edward Chia Bing Hui asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry will ensure that increases in global oil and gas prices do not disproportionately impact domestic electricity tariffs; (b) if so, what are its plans; and (c) what mechanisms are in place to moderate cost pass-through to consumers, if any.

39 Mr Edward Chia Bing Hui asked the Deputy Prime Minister and Minister for Trade and Industry what are the Ministry’s plans to ensure that industries disproportionately affected by rising energy costs receive targeted and timely support, if any.

40 Ms Lee Hui Ying asked the Deputy Prime Minister and Minister for Trade and Industry in view of rising energy prices, whether the Government will consider (a) lowering the fuel excise duty; and (b) introducing interim measures to help households and businesses cope with the impact of current rising fuel costs.

41 Ms Poh Li San asked the Deputy Prime Minister and Minister for Trade and Industry in view of the increase in petrol and diesel prices due to the Middle East conflict, whether the Government will consider support measures for local small and medium enterprises (SMEs) that are heavy users of petrol and diesel, especially those in the construction and transportation sectors.

42 Mr Ang Wei Neng asked the Deputy Prime Minister and Minister for Trade and Industry given elevated oil prices and a potential for significant increases in electricity prices, whether the Ministry is making plans to help (i) small and medium enterprises to cope with the sudden shock and (ii) consumers, especially those who have to rely on fuel and electricity to make a living.

43 Ms Joan Pereira asked the Prime Minister and Minister for Finance in view of the conflicts in the Middle East and disruptions to global trade routes (a) what is the potential impact on Singapore's cost of living, especially for the lower-income groups; and (b) whether support measures will be considered.

44 Mr Alex Yam asked the Prime Minister and Minister for Finance in light of rising oil prices arising from the conflict in the Middle East and the possible knock-on effects on inflation and business costs (a) what measures are in place to cushion the impact on households and businesses; and (b) whether the Government is prepared to provide further targeted assistance should prices rise significantly.

45 Dr Hamid Razak asked the Prime Minister and Minister for Finance (a) whether the Ministry has assessed the impact of current fuel excise duties on consumers amid recent global fuel price increases; (b) whether temporary adjustments to fuel duties have been considered as a stabilisation measure; and (c) if so, what criteria or thresholds would guide such a policy review.

46 Dr Wan Rizal asked the Prime Minister and Minister for Finance given rising fuel prices and their knock-on effects on food, transport and utilities (a) how does the Government assess the adequacy of existing support measures for middle- and lower-income households; and (b) whether additional targeted assistance will be considered if inflationary pressures persist.

47 Ms Mariam Jaafar asked the Prime Minister and Minister for Finance (a) whether the Government has assessed how external shocks such as the conflict involving Iran might propagate through the economy in uneven ways across sectors and income groups; and (b) how support measures, if any, will be adapted to these differentiated impacts.

48 Ms Denise Phua Lay Peng asked the Prime Minister and Minister for Finance (a) what is the Government’s assessment of the impact of the Iran war and the worsening geopolitical environment on (i) businesses (ii) livelihoods and (iii) overall rising costs of living; and (b) whether there are measures the Government will be taking to address these concerns.

49 Mr Ang Wei Neng asked the Prime Minister and Minister for Finance in view of the recent escalation in oil prices and the potential downstream impact on food prices (a) whether the Government is prepared to bring forward U-Save rebate benefits and CDC vouchers meant for the later part of this year and January 2027; and (b) what additional measures can the Government provide to mitigate the impact of any sudden spike in inflation.

50 Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance (a) what has been the increase in electricity prices to households charged by electricity retailers over the past month; and (b) in view of expected increases in electricity tariffs, whether the Government is considering increasing household support measures to mitigate the impact of higher utilities costs in Singapore.

51 Mr Gerald Giam Yean Song asked the Prime Minister and Minister for Finance (a) whether the Ministry will consider a temporary reduction in fuel excise duties to alleviate the impact of the current energy price surge on the net earnings of transport-dependent businesses and individuals; and (b) what specific measures are being implemented to assist such businesses and individuals.

52 Mr Ng Chee Meng asked the Prime Minister and Minister for Finance given the rising fuel prices and expected increases in electricity prices in Singapore (a) whether the current U-Save rebates are likely to remain adequate to offset HDB households’ utilities expenses and cushion the impact on middle- and lower-income households; and (b) whether the Government will consider providing some support to taxi, private hire car drivers and delivery platform riders.

53 Ms Nadia Ahmad Samdin asked the Minister for Sustainability and the Environment how Singapore is strengthening its position as a resilient global hub amid ongoing geopolitical instability and the ongoing conflict in the Middle East, including in areas such as supply chain reliability, food security innovation and energy transition.

54 Ms Poh Li San asked the Minister for Sustainability and the Environment in view of the Iran war potentially affecting food production in certain parts of the world, will SFA be stepping up its stockpiling and adjusting its food import diversification strategy in case of a prolonged conflict and longer-term impact on global food supplies and food prices.

55 Mr Kenneth Tiong Boon Kiat asked the Minister for Sustainability and the Environment (a) whether Singapore's strategic food reserves meet the Government's adequacy targets; (b) given that nearly half of globally traded urea and sulphur transit the Strait of Hormuz, whether the Ministry has assessed the impact on Singapore's food import prices; and (c) what measures have been taken since the closure on 2 March 2026 to buffer possible future food price increases.

56 Dr Choo Pei Ling asked the Minister for Sustainability and the Environment in light of recent global developments affecting food supply chains (a) what mechanisms are in place to stabilise or moderate the impact on food prices for consumers if disruptions occur across multiple import sources simultaneously; (b) whether the Ministry has tested its contingency plans to address such disruptions under simulated conditions; and (c) if so, what are the findings from such tests.

57 Ms Lee Hui Ying asked the Acting Minister for Transport in light of recent fare adjustments by Grab and ComfortDelGro (a) whether the Ministry was consulted prior to the implementation; and (b) what regulatory oversights and concrete safeguards are in place to prevent private hire and taxi operators from passing down the burden of rising fuel costs to commuters.

58 Dr Wan Rizal asked the Acting Minister for Transport in light of recent global energy price volatility (a) what is the estimated impact of higher petrol and diesel prices on the monthly operating costs of private hire vehicle (PHV) drivers, taxi drivers and delivery riders; and (b) whether there are contingency measures to provide targeted relief should prices remain elevated.

59 Mr Pritam Singh asked the Acting Minister for Transport in view of high energy prices arising from the latest conflict in the Middle East, whether the Ministry will announce (i) road tax rebates for motorcycles, private hire vehicles, taxis and commercial vehicles and (ii) petrol duty rebates for private hire and taxi drivers.

60 Mr Dennis Tan Lip Fong asked the Acting Minister for Transport (a) what is the Ministry's assessment of the prolonged Middle East conflict’s impact on (i) Singapore’s sea and air freight reliability and (ii) our transport hubs; and (b) what specific measures are being taken to help affected Singapore-flagged vessels, Singapore carriers and shipping companies including mitigating surging transportation and other associated costs.

61 Mr Foo Cexiang asked the Minister for Foreign Affairs whether Singapore has been engaging with other countries, especially ASEAN nations, to foster closer cohesion and forge stability in the face of the ongoing global conflicts.

62 Ms Mariam Jaafar asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Government assesses that global inflation dynamics have shifted from a cyclical to a more structurally volatile regime, in light of repeated geopolitical shocks; and (b) if so, what is the Government's plan to ensure that its policy adapts beyond short-term stabilisation.

The Deputy Prime Minister and Minister for Trade and Industry (Mr Gan Kim Yong): Mr Speaker, as I will be delivering a Ministerial Statement together with my colleagues later on, may I have your permission to take Question Nos 1 to 62 in my Ministerial Statement.

Mr Speaker: Yes, you may.

Mr Gan Kim Yong: Thank you, Sir.