The Business Times
business-time-50

Costs running up for Singapore businesses as Gulf conflict jacks up energy prices

Already hit by rising fuel costs, anticipated electricity price hikes could worsen the blow

Summarise

Elysia Tan &

Koh Kim Xuan

Published Sun, Mar 15, 2026 · 04:43 PM
阅读简体中文版 (beta)
    • Petrol and diesel prices have climbed as the Strait of Hormuz’s closure disrupts fuel supply. Electricity rates are set to climb as well.
    • Petrol and diesel prices have climbed as the Strait of Hormuz’s closure disrupts fuel supply. Electricity rates are set to climb as well. PHOTO: REUTERS

    [SINGAPORE] Businesses in Singapore are already contending with higher energy costs arising from the Middle East conflict – and further hikes could come as electricity rates follow suit.

    Petrol and diesel prices have climbed as the Strait of Hormuz’s closure disrupts fuel supply. 

    On Friday (Mar 13), the average price of the popular 95 octane petrol stood at S$3.41 per litre, up 18.4 per cent from S$2.88 on Feb 23, shortly before the conflict broke out.

    energy pricesfuelLogisticsMiddle EastUS-Middle East relationsShippingAir transportElectricity

    TRENDING NOW

    From shy teenager to outspoken philanthropist, Chloe Tong has come a long way.

    Grab CEO’s wife Chloe Tong on life with Anthony Tan and finding her purpose

    HDB said the listed price of S$2.18 million for the flat at 93B Telok Blangah Street 31 was “significantly higher” than comparable transactions in the area.

    HDB reviewing ‘jumbo’ flat scheme after Telok Blangah unit listed for sale at S$2.18m

    From left: Pham Nhat Quan Anh, Pham Nhat Vuong, Pham Thu Huong and Pham Nhat Minh Hoang. The couple (centre) remain senior figures in Vingroup, with their children’s presence in the ecosystem growing.

    He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons

    The judge also rejected Radiant World’s argument that a claim against Glencore for about US$2 billion should be regarded as a “realisable asset”.

    Singapore judge raises doubts iron ore trader Radiant World is owed US$1 billion

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More