Cover image via Alphonsus Chern/ST/SPH Media/AFP
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Petrol prices at most major stations in Singapore jumped this week, following escalating conflict in the Middle East that has disrupted global oil supplies
Shell raised 95-octane petrol by four cents to SGD2.92 per litre (approximately RM9.02), with other operators quickly following suit.
According to The Straits Times, Caltex and Esso matched Shell's hike mid-morning yesterday, 3 March, followed later by Sinopec. SPC kept its 95-octane petrol at SGD2.87 (RM8.87), the lowest among major operators.
Other grades also reflect the increase: SPC offers 92-octane petrol at SGD2.84 and regular 98-octane at SGD3.38, while Shell charges SGD3.44 for the same grade. Premium 98-octane petrol ranges from SGD3.55 at Sinopec to SGD3.66 at Shell.
Diesel prices also rose, ranging from SGD2.57 at SPC to SGD2.70 at Shell, Esso, and Caltex.
A petrol kiosk attendant fills up a car at the Shell petrol station along Toa Payoh Lorong 1.
Image via Alphonsus Chern/ST/SPH Media/AFPAnalysts attribute the surge to rising global crude oil prices, higher freight and insurance costs, and operators pre-emptively factoring in potential supply disruptions
The price spike follows US-Israel strikes on Iran, which have halted exports from the oil-rich region.
The Iranian Revolutionary Guards (IRGC) declared the Strait of Hormuz, a critical chokepoint handling a fifth of the world's oil, closed and warned against any ship attempting passage. Retaliatory strikes around the Gulf and escalating tensions in Lebanon have intensified global energy market volatility.
Singapore, heavily reliant on Middle Eastern oil for domestic use and re-exports, is particularly sensitive to these disruptions.
Historical precedent shows geopolitical crises can quickly affect fuel prices in Singapore. During the Ukraine crisis in March 2022, petrol prices in Singapore breached the SGD3 mark, with the costliest grade eventually exceeding SGD4 per litre.
With the Middle East conflict showing no signs of easing, Singapore drivers may face further fuel price increases in the coming weeks.
An Esso (ExxonMobil) petrol station along Upper Thomson Road.
Image via Alphonsus Chern/ST/SPH Media/AFP