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
google-preferred-sourceAdd BT as a preferred source

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

    Why is Apac poised to become such a significant market for aviation?

    Asia-Pacific aviation: is up really the only way?

    Russian President Vladimir Putin (right) meeting Myanmar President Min Aung Hlaing (left) at the Grand Kremlin Palace in Moscow on Aug 18.

    Russia’s ‘pivot to Asia’ takes a turn as it prioritises ties with isolated regimes over bigger economies

    Professional oversight can help investors avoid emotion-led decisions, shares Chew Mun Yew, managing director and head of UOB Private Bank.

    Why disciplined stewardship matters when managing wealth in uncertain markets

    The programme aims to equip accountancy and corporate finance workers with practical skills to use AI effectively and responsibly.

    More than 15,000 sign up for national accounting body’s AI programme in two months

    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