Singapore fuel prices spike over 3% in 10 days
Gasoline prices in Singapore have risen by over 3% in the last 10 days as the conflict in the Middle East continued to impact global energy markets.
In just 10 days, fuel prices in Singapore have surged over 3%, according to data from Motorist.sg. Major oil companies, including Caltex, Esso, and Shell, raised the price of 95 gasoline to SGD3.49 per liter, a 3.6% increase from September 6. The same rise occurred for 92 gasoline, which now costs SGD3.46 per liter. Overall, gasoline prices in the city-state have jumped by around 22% since the beginning of the year.
The significant hike pushed diesel, primarily used by commercial vehicles and buses, above SGD4 per liter for the first time in months. This price jump is linked to the recent 6.5% increase in Brent crude oil prices over the past week. The rise in oil prices is attributed to heightened tension in the Middle East. On Monday, Iran-backed Houthi forces launched attacks on Saudi Arabia, prompting Gulf Arab states to postpone planned talks with Iran.
These developments have fueled concerns that the conflict could escalate and disrupt global oil supplies. However, the United States has so far refrained from joining the conflict, beyond providing intelligence support. Recently, President Trump reported that he had spoken with the Saudi crown prince, and Iranian forces had also contacted Washington, urging the US to maintain a neutral stance in the ongoing crisis.
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