Fall in oil prices will benefit S'pore: Hng Kiang

Singapore

AS a net importer of oil, Singapore stands to benefit from the fall in global oil prices, said Trade and Industry Minister Lim Hng Kiang in parliament on Monday.

Lower oil prices will reduce electricity tariffs and fuel costs, and this will directly benefit both businesses and consumers, he told the House in response to queries by four MPs about the impact of falling oil prices on the economy.