SINGAPORE, March 26 — Singapore’s fuel supply remains stable for now, with stockpiles intact and supply lines open, even as prices climb amid the Middle East conflict, Acting Transport Minister Jeffrey Siow said.

Responding to questions from The Straits Times today, Siow said authorities are closely monitoring the situation and may step in if needed.

“Currently, the fuel market is liquid. Our stockpiles are also not being eroded, and our supply lines remain open,” he said.

He added that while the overall situation is steady, the government is tracking developments daily to ensure “everything remains okay”.

The impact of rising fuel costs is already being felt across Singapore’s transport sector, with adjustments filtering through to consumers.

Siow noted that some of the pressure has been absorbed through market responses, including higher airfares and fuel subsidies provided by ride-hailing and delivery platforms to their drivers.

“We are watching it very closely to see whether there’s a need for us — meaning the Government — to make an intervention later,” he said.

“We will continue to monitor the situation and consider doing so at a later juncture.”

Fuel prices have surged in recent weeks following the escalation of conflict involving Iran, which has disrupted global oil flows. The Strait of Hormuz — a critical artery for about a quarter of the world’s seaborne oil trade — has been largely blocked since late February.

In Singapore, motorists are already paying more at the pump. As of March 26, 95-octane petrol costs about S$3.42 (RM10.65) to S$3.47 per litre at major brands such as Shell, Caltex, Esso and Sinopec, compared with around S$2.88 per litre before the conflict escalated on February 28.

Consumers across land, air and sea transport are feeling the squeeze, with airlines introducing or raising fuel surcharges and ferry operators following suit.