Ministerial statement by Gan Kim Yong on impact of Iran war on Singapore | Full speech #CNA
Ministerial statement by Gan Kim Yong on impact of Iran war on Singapore | Full speech
The closure of the Strait of Hormuz has caused a global shortage of energy supplies in the near-term, including crude oil and gas, said Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong in parliament on Tuesday (Mar 7), where he delivered a ministerial statement on the impact of the Middle East situation on Singapore.
In his speech, he highlighted the “unprecedented” and severe choking off of supply – calling it the “worst disruption since the 1973 oil embargo”.
Mr Gan added that the spike in global oil and natural gas prices will inevitably raise fuel and electricity costs for Singapore, and the cost increases will “feed through to broader inflation in Singapore”.
He also urged the government, businesses and households to do their part to conserve electricity and energy.
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