In a ministerial statement in parliament on Tuesday, Deputy Prime Minister Gan Kim Yong noted the impact of the Middle East conflict on energy supplies and global trade.
While Singapore’s GDP growth in the first three months of the year was resilient, Mr Gan said, growth will likely be affected in the coming quarters.
Due to the increased oil and natural gas prices, a sharper increase in the regulated electricity tariff is also expected next quarter.
In a video message last week, Prime Minister Lawrence Wong urged businesses and households to play their part by conserving energy and reducing unnecessary consumption and waste, stressing that national resilience depends not just on government action but also on collective effort.
