Singapore’s economy will inevitably be hit by the global energy crunch even though it is in a better position to deal with the crisis compared with its neighbours, according to analysts, as the city state unveiled a raft of measures to help households and businesses.
The conflict in the Middle East has roiled supply chains and sent fuel prices soaring in Southeast Asia, with governments scrambling to enforce measures such as fuel caps and work-from-home mandates.
Singapore ministers in parliament on Tuesday announced steps targeted at easing the burden on citizens and the economy, but stopped short of fuel and diesel subsidies that some of its neighbours, like Malaysia and Indonesia, have rolled out.
Jeffrey Siow, acting transport minister and senior minister of state for finance, announced an increase of S$200 (US$155) to a cost-of-living cash payment to eligible Singaporeans, first announced during the budget in February.
Disbursement of S$500 in vouchers under the Community Development Council scheme will also be brought forward from January 2027 to June. These vouchers can be used by Singapore households at local food stalls and supermarkets.
Siow said that while several lawmakers had asked if Singapore would implement fuel subsidies, such a move was unsuitable for the country.
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