Petrol prices rose nearly 20% since start of conflict, cost of diesel soared over 50% #CNA

Petrol prices rose nearly 20% since start of conflict, cost of diesel soared over 50%
The price of 95-octane petrol in Singapore has climbed by nearly 20% in the 40 days since the start of the war on Iran. And the cost of diesel has soared over 50%. These fuels are derived from crude oil, which must first be refined. While Singapore holds stockpiles, one expert notes that these are meant for supply emergencies and shortages, rather than controlling daily fuel prices. Another fuel in shortage around the world is liquefied natural gas. Singapore uses LNG as its main source of energy. Meanwhile electricity tariffs have gone up by around two per cent this quarter. While there are stockpiles to last several months, Singapore is also diversifying by sourcing energy from new suppliers. Overall, fuel prices are likely to remain elevated for some time, even if the war ends in the near term.

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