\n
TURNAROUND UNLIKELY THIS YEAR<\/h2>\n
Fuel costs are expected to remain elevated throughout the year.<\/p>\n
About 10 million to 11 million barrels per day of crude oil \u2014 roughly 10 per cent of global demand \u2014 are temporarily no longer in production. Refineries in the Middle East have also been damaged. Resuming these operations will take time.<\/p>\n
\u201cRecovery isn\u2019t a quick snap of the finger,\u201d cautioned Sparta Commodities senior oil market analyst June Goh, who reckoned it will take six to 12 months after the war ends.<\/p>\n
\u201cWe\u2019re still at war, so nobody can predict how long that will take as well.\u201d<\/p>\n
Also, not all fuels will recover at the same speed. Petrol would be the fastest as demand can be reduced through behavioural changes such as driving less or working from home.<\/p>\n
Jet fuel may follow as airlines cut flights and travellers scale back discretionary travel. Diesel, however, is likely to remain under pressure. Its wide use across industries means demand is hard to cut even when prices rise.<\/p>\n
Against that backdrop, the government\u2019s approach is unlikely to shift towards broad-based fuel subsidies.<\/p>\n
\u201cThose who drive bigger vehicles or \u2026 drive more would benefit more (from such subsidies),\u201d Gan said. \u201cThat may not necessarily be the fairest way of distributing the government resources.\u201d<\/p>\n
The focus is on \u201ctargeted support\u201d instead. \u201cWe\u2019ve been in close touch with companies and the various groups that are affected,\u201d she said, noting that there have been a few requests and suggestions. \u201cWe\u2019re ready to do more.\u201d<\/p>\n
While acknowledging the strain on school bus owners, private-hire drivers and other platform workers, she emphasised the importance of cost-sharing. \u201cConsumers also, I think, have a part to play in bearing the price increase,\u201d she added.<\/p>\n
What the government also wants is healthy competition among retailers so that petrol prices, for instance, are reflective of demand and supply.<\/p>\n
\u201cThe Competition and Consumer Commission of Singapore does regular surveillance of these companies to make sure that there\u2019s no anti-competitive behaviour,\u201d she highlighted.<\/p>\n
Watch this episode of <\/strong>Talking Point here<\/strong>. The programme airs on Channel 5 every Thursday at 9.30pm.<\/strong><\/p>\n<\/div>\n
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