Singapore Fuel Prices Climb As West Asia Conflicts Drive Price Hike

SINGAPORE, March 19 (Bernama) -- Fuel prices in Singapore trended higher in the wake of the ongoing conflicts in West Asia with RON95 reaching S$3.47 (S$1=RM3.06) per litre as of Wednesday, compared to S$2.92 earlier this month. 

According to fuel price comparison portal motorist.sg, diesel prices have risen over the past three weeks since the closure of the Straits of Hormuz, peaking at S$3.63 per litre as of March 18. 

Singapore’s pump prices is the highest in the region.

In comparison with Malaysian fuel prices, the price of RON95 in Singapore stood at around RM10.64 per litre compared to RM1.99 per litre under BUDI MADANI RON95 (BUDI95) and RM3.27 per litre without subsidy. 

Additionally, the price of diesel in Singapore stood around RM11.13 per litre against RM4.72 per litre in Malaysia. 

Amid rising prices, transportation providers are stepping up measures to absorb costs and cushion the impacts on their drivers.

Ride-hailing platform Grab said it will continue to provide drivers with fuel discounts through partnerships with petrol stations to help them manage their costs.

“We understand that rising fuel prices impact the livelihoods of our driver and delivery partners.

“We remain in close consultation with unions and industry partners to monitor the situation and explore further avenues to support our partner community,” said a Grab spokesperson as quoted by the Channel News Asia on Thursday. 

Singapore's largest taxi operator, ComfortDelGro, said it will implement a temporary "driver fee" for bookings made through its CDG Zig application as fuel prices continue to climb.

The move aimed to ease the financial strain on drivers caused by rising fuel prices, it said.

Since the conflict began on Feb 28, the authorities have been closely monitoring developments and their broader repercussions on Singapore, which is a net importer of crude oil and natural gas.

Prime Minister Lawrence Wong has said that the government is ready to roll out additional measures for Singaporeans beyond what had been announced in the Budget 2026.

Minister-in-charge of Energy, Science and Technology Tan See Leng said Singapore has established a fuel stockpile of gas and diesel for power generation companies to use in case of severe supply disruptions, and is also working to diversify sources of imported liquefied natural gas.

However, despite the measures, he cautioned that consumers may face higher electricity prices in coming months as global gas prices climb due to the conflict.

-- BERNAMA