SINGAPORE: Singapore’s increase in costs of living problem cannot be solved by giving subsidies, said Minister Mentor Lee Kuan Yew. Urging AGAINST subsidies, he said that even countries like China and Malaysia have started to re-think their policies on this.
Cutting petrol duties and giving out subsidies are not the answer to soaring global oil prices. Instead, National Development Minister Mah Bow Tan suggested modifying lifestyles to cut household bills. This involves car pooling, using public transport, or just turning off lights and air-conditioning when not needed.
This year alone, crude prices have risen some 40 per cent. He explained that if subsidy is given, it would send the wrong signal to consumers about the real price of oil. ‘Subsidising oil will not be right as it would encourage consumers to use more oil, which would drive up the price even more. ‘We want to make sure that we pay the correct price for oil and tackle the problem in a sustainable way.’
Ring any bells? Emm..
