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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

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Elysia Tan &

Koh Kim Xuan

Published Sun, Mar 15, 2026 · 04:43 PM
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    • 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

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