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

[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.