www.channelnewsasia.com Open in urlscan Pro
104.111.245.67  Public Scan

Form analysis
1 forms found in the DOM

POST /singapore/ukraine-russia-invasion-electricity-petrol-prices-singapore-gan-kim-yong-2525736?cid=internal_mcdrecs_28022022_cna

<form class="subscription-form-1" data-drupal-selector="subscription-form-1" action="/singapore/ukraine-russia-invasion-electricity-petrol-prices-singapore-gan-kim-yong-2525736?cid=internal_mcdrecs_28022022_cna" method="post" id="subscription-form-1"
  accept-charset="UTF-8">
  <div class="subscribe-form-wrapper">
    <div class="js-form-item form-item">
      <div class="form-item__dropdown"><select data-drupal-selector="edit-newsletter-shortcode" id="edit-newsletter-shortcode" name="newsletter_shortcode" class="form-select form-item__select">
          <option value="" selected="selected">Choose a newsletter</option>
          <option value="CNA_Partners">Morning Brief</option>
          <option value="CNA_EveningBrief">Evening Brief</option>
          <option value="CNA_BreakingNews">Breaking news alerts</option>
          <option value="CNA_Insider">CNA Insider</option>
          <option value="CNA_Commentary">CNA Commentary</option>
          <option value="CNA_Partners,CNA_EveningBrief,CNA_BreakingNews,CNA_Insider,CNA_Commentary">All of the above</option>
        </select></div>
    </div>
    <div class="js-form-item form-item">
      <input placeholder="Enter email address" data-drupal-selector="edit-email" type="text" id="edit-email" name="email" value="" size="60" maxlength="128" class="form-text form-item__textfield">
    </div>
    <input data-drupal-selector="edit-subscription-div-identifier" type="hidden" name="subscription_div_identifier" value="subscription_form__1556" class="form-item__textfield">
    <input autocomplete="off" data-drupal-selector="form-ppeix2fmrppjqjh0buaf2h6umktng-afnbujhfvurwi" type="hidden" name="form_build_id" value="form-pPeiX2fmrpPJQJh0BUaF2H6UmkTNg-AfNbujHFvurwI" class="form-item__textfield">
    <input data-drupal-selector="edit-subscription-form-1" type="hidden" name="form_id" value="subscription_form_1" class="form-item__textfield">
    <div class="submit-wrapper"><input data-drupal-selector="edit-submit" data-disable-refocus="true" type="submit" id="edit-submit" name="op" value="Subscribe Now" class="button js-form-submit form-submit form-item__textfield">
    </div>
  </div>
  <div id="form-error-subscription_form__1556" class="inline-error"></div>
</form>

Text Content

Skip to main content
 * Sign In
 * Account
 * My Feed
 * Search

Hamburger Menu
Close
 * Top Stories
   
   * Singapore
     
   * Asia
     
   * World
     
   * Commentary
     
   * Sustainability
     
   * Business
     
   * Sport
     
   * COVID-19
     
 * Latest News
   
 * Discover
   
 * CNA Insider
   
 * Watch
   
   * Live TV
     
   * News Reports
     
   * Documentaries & Shows
     
   * TV Schedule
     
 * Listen
   
   * CNA938 Live
     
   * Podcasts
     
   * Radio Schedule
     
 * Special Reports
   
   * Singapore Parliament
     
   * Interactives
     
 * Lifestyle
   
   * Entertainment
     
   * Women
     
   * Wellness
     
   * Living
     
   * Style & Beauty
     
   * Dining
     
   * Travel
     
 * Luxury
   
   * Experiences
     
   * Obsessions
     
   * People
     
   * Remarkable Living
     
 * CNA Eyewitness
   
   * Send us a news tip
     
 * Branded Content
   
   * Business Blueprint
     
   * Health Matters
     
   * The Asian Traveller
     
 * Weather
   

Edition:
 * Singapore
   
 * Asia
   

Close
Close
 * Top Stories
   
   * Singapore
     
   * Asia
     
   * World
     
   * Commentary
     
   * Sustainability
     
   * Business
     
   * Sport
     
   * COVID-19
     
 * Latest News
   
 * Discover
   
 * CNA Insider
   
 * Watch
   
   * Live TV
     
   * News Reports
     
   * Documentaries & Shows
     
   * TV Schedule
     
 * Listen
   
   * CNA938 Live
     
   * Podcasts
     
   * Radio Schedule
     
 * Special Reports
   
   * Singapore Parliament
     
   * Interactives
     
 * Lifestyle
   
   * Entertainment
     
   * Women
     
   * Wellness
     
   * Living
     
   * Style & Beauty
     
   * Dining
     
   * Travel
     
 * Luxury
   
   * Experiences
     
   * Obsessions
     
   * People
     
   * Remarkable Living
     
 * CNA Eyewitness
   
   * Send us a news tip
     
 * Branded Content
   
   * Business Blueprint
     
   * Health Matters
     
   * The Asian Traveller
     
 * Weather
   

Edition:
 * Singapore
   
 * Asia
   

SEARCH



TRENDING TOPICS


Ukraine invasion Omicron Russia COVID-19 China Wellness Malaysia In Focus
climate change

FOLLOW CNA


FOLLOW OUR NEWS

 * Facebook
 * Twitter
 * Youtube
 * LinkedIn
 * RSS



RECENT SEARCHES



TRENDING TOPICS


Ukraine invasion Omicron Russia COVID-19 China Wellness Malaysia In Focus
climate change



MAIN NAVIGATION

 * Top Stories
   
 * Latest News
   
 * Discover
   
 * Singapore
   
 * Asia
   
 * Commentary
   
 * Sustainability
   
 * CNA Insider
   
 * Lifestyle
   
 * Watch
   
 * Listen
   
 * + All Sections
   

Singapore

PETROL, ELECTRICITY PRICES WILL RISE AS UKRAINE CRISIS PUSHES UP GLOBAL ENERGY
COSTS: GAN KIM YONG

Bookmark Bookmark Share
WhatsApp Telegram Facebook Twitter Email LinkedIn
Close
Close
 * Top Stories
   
   * Singapore
     
   * Asia
     
   * World
     
   * Commentary
     
   * Sustainability
     
   * Business
     
   * Sport
     
   * COVID-19
     
 * Latest News
   
 * Discover
   
 * CNA Insider
   
 * Watch
   
   * Live TV
     
   * News Reports
     
   * Documentaries & Shows
     
   * TV Schedule
     
 * Listen
   
   * CNA938 Live
     
   * Podcasts
     
   * Radio Schedule
     
 * Special Reports
   
   * Singapore Parliament
     
   * Interactives
     
 * Lifestyle
   
   * Entertainment
     
   * Women
     
   * Wellness
     
   * Living
     
   * Style & Beauty
     
   * Dining
     
   * Travel
     
 * Luxury
   
   * Experiences
     
   * Obsessions
     
   * People
     
   * Remarkable Living
     
 * CNA Eyewitness
   
   * Send us a news tip
     
 * Branded Content
   
   * Business Blueprint
     
   * Health Matters
     
   * The Asian Traveller
     
 * Weather
   

Edition:
 * Singapore
   
 * Asia
   

SEARCH



TRENDING TOPICS


Ukraine invasion Omicron Russia COVID-19 China Wellness Malaysia In Focus
climate change

FOLLOW CNA


FOLLOW OUR NEWS

 * Facebook
 * Twitter
 * Youtube
 * LinkedIn
 * RSS



RECENT SEARCHES



TRENDING TOPICS


Ukraine invasion Omicron Russia COVID-19 China Wellness Malaysia In Focus
climate change



ADVERTISEMENT









ADVERTISEMENT







Singapore


PETROL, ELECTRICITY PRICES WILL RISE AS UKRAINE CRISIS PUSHES UP GLOBAL ENERGY
COSTS: GAN KIM YONG

Singapore should also be prepared for an impact on trade and investments, says
the minister.

A petrol pump in Singapore. (File photo: TODAY)

ANG HWEE MIN

@HweeMinCNA
Ang Hwee Min
28 Feb 2022 06:40PM (Updated: 28 Feb 2022 07:00PM)
Bookmark Bookmark Share
WhatsApp Telegram Facebook Twitter Email LinkedIn


SINGAPORE: Pump prices for petrol and diesel, as well as the cost of electricity
for households and businesses, will go up as a result of rising global energy
costs due to the crisis in Ukraine, said Minister for Trade and Industry Gan Kim
Yong on Monday (Feb 28). 

"One key area we will be significantly impacted by the conflict in Ukraine is
energy cost, as we import most of our energy needs," Mr Gan said in Parliament
during the debate on Budget 2022.


ADVERTISEMENT





“We have already seen in recent months a spike in the global prices of oil and
natural gas, which Russia is a major exporter of,” he added.

The price of liquified natural gas (LNG) has doubled from six months ago, he
noted, and the Brent Crude benchmark surged to US$100 per barrel a few days ago.

“Motorists must therefore expect pump prices for petrol and diesel here to rise
in time. Electricity rates for both businesses and households will also increase
in tandem with escalating global energy costs,” said Mr Gan.

“These will undoubtedly impact Singaporeans and further raise the cost of living
here.” 

The crisis will also further strain global supply chains as Russia and Ukraine
are major exporters of commodities like wheat, as well as metals like nickel and
palladium, said Mr Gan. 


ADVERTISEMENT





Supply disruptions will in turn raise the prices of goods that use these
commodities, he added. 

For example, disruption in the supply of nickel could affect the production of
stainless steel, and disruptions to palladium supply will affect the
semiconductor industry, said the Trade and Industry Minister. 

“We must also be prepared for the follow-on impact on trade and investment
flows. A protracted conflict will affect business confidence and weigh on global
economies, and impact their recovery from the pandemic,” said Mr Gan. 


RELATED:

UKRAINE CRISIS: LIVE UPDATES AS RUSSIA'S INVASION ENTERS ITS FIFTH DAY

SINGAPORE TO IMPOSE SANCTIONS ON RUSSIA, INCLUDING EXPORT CONTROLS AND CERTAIN
BANK TRANSACTIONS: VIVIAN BALAKRISHNAN

UKRAINE-RUSSIA CONFLICT: INTERNATIONAL RELATIONS BASED ON 'MIGHT IS RIGHT' MAKE
WORLD A DANGEROUS PLACE FOR SMALL COUNTRIES, SAYS PM LEE

The Government’s “initial assessment” is that the immediate and direct impact of
the invasion of Ukraine on Singapore’s economy and businesses has been
“manageable for now”, said Mr Gan.

Singapore companies have a “limited presence” in Ukraine, and it does not import
many essential supplies from Ukraine and the region, he noted.


ADVERTISEMENT





To manage supply chain risks, especially for essential goods, Singapore has
diversified its imports and established stockpiles.

The country also produces goods locally where viable, and works with major
importers and retailers to ramp up supply from alternative sources if necessary,
said Mr Gan. 

“Having said that, the conflict is still evolving, and the situation could
change very quickly. Make no mistake that while Ukraine may seem far away from
Singapore, the conflict there will have real and significant impact on all of
us," he told the House.

Earlier in Parliament, Foreign Affairs Minister Vivian Balakrishnan announced
that Singapore will impose sanctions on Russia due to the “unprecedented
gravity” of the situation. 

The measures will include imposing export controls on items that can be used
directly as weapons in Ukraine, and blocking certain Russian bank and financial
transactions connected to Russia, he said in a ministerial statement.


ADVERTISEMENT





While the Ukraine crisis has “clouded” Singapore’s economic outlook, the actual
impact on GDP growth and inflation is “difficult to estimate” now given the
uncertainties, said Mr Gan. 

“A lot will depend on how the conflict unfolds, the global response to the
situation, and the longer-term impact on the global economy,” he added. 

“However, what is clear is that inflationary pressures are likely to rise
further in the near term, especially through an increase in the prices of
oil-related items in the first instance. The downside risks to our economy have
also increased significantly.” 

Noting that businesses are “understandably concerned”, Mr Gan said many have
been looking forward to “ride the wave of a strong recovery” in the global
economy this year. 

“The conflict has added considerable volatility and stress on what is an already
challenging business environment, arising from supply chain disruptions, higher
electricity and fuel prices and a tight labour market. Households have been
similarly affected by these inflationary pressures,” he added. 

The Government will continue to monitor the situation closely and introduce
additional measures to help businesses and households cope with the challenges
if necessary, said the Trade and Industry Minister. 

“The conflict in Ukraine is a stark reminder that as a small country and open
economy, we are vulnerable to the vagaries of international developments, be
they military conflict, global inflation or supply chain disruptions, or other
trends like technology and climate change,” said Mr Gan. 

“It is crucial that we strengthen our defences against such external shocks. And
to do that, we need to build a vibrant, diversified and resilient economy, as
well as forge a cohesive and united society.” 

Source: CNA/hw(gs)

RELATED TOPICS

parliament Singapore Parliament MTI Ukraine invasion Russia


ADVERTISEMENT






ALSO WORTH READING

UKRAINE LEADER URGES RUSSIAN SOLDIERS TO LAY DOWN ARMS; ASKS FOR FAST-TRACK EU
MEMBERSHIP

COMMENTARY: RUSSIA’S UKRAINE INVASION IS VERY AWKWARD FOR CHINA

OTTAWA SANCTIONS PUTIN, CANADIANS SHOW SOLIDARITY WITH UKRAINE

COMMENTARY: WHY WAR IN UKRAINE AFFECTS ESSENTIAL COMMODITY SUPPLIES FOR REST OF
THE WORLD

Recommended by
5G: Empowering classrooms of the future
Energie-Startup hat trotz Energiekrise 4,4 Mio. € eingesammelt Ostrom
„Bauchfett kann mit diesem Hormon-Test gelöst werden" Apotheken Kompass
Wie viel können Sie jährlich von einem 250.000 €-Portfolio entnehmen? Grüner
Fisher



ADVERTISEMENT




Expand to read the full story

Fetching more news


CNA SECTIONS

 * Asia
   
 * Singapore
   
 * Business
   
 * CNA Insider
   
 * Lifestyle
   
 * Luxury
   
 * CNA938 Live
   
 * Commentary
   
 * Interactives
   
 * Live TV
   
 * Sport
   
 * World
   
 * Special Reports
   


ABOUT CNA

 * About Us
   
 * Advertise With Us
   
 * Contact Us
   
 * Hotel Partners
   
 * Mediacorp Network
   


PRESSED FOR TIME? STAY INFORMED WITH CNA'S NEWSLETTERS

Choose a newsletterMorning BriefEvening BriefBreaking news alertsCNA InsiderCNA
CommentaryAll of the above




This service is not intended for persons residing in the E.U. By clicking
subscribe, I agree to receive news updates and promotional material from
Mediacorp and Mediacorp's partners.


FOLLOW OUR NEWS

 * Facebook
 * Twitter
 * Youtube
 * LinkedIn
 * RSS



Copyright© Mediacorp 2022. Mediacorp Pte Ltd. All rights reserved.

Terms & Conditions | Privacy Policy






THIS BROWSER IS NO LONGER SUPPORTED

We know it's a hassle to switch browsers but we want your experience with CNA to
be fast, secure and the best it can possibly be.

To continue, upgrade to a supported browser or, for the finest experience,
download the mobile app.



Upgraded but still having issues? Contact us


✓
Thanks for sharing!
AddToAny
More…