Consumers face petrol, electricity price hikes

Domestic rates: A woman walks by the water as vessels anchor along the Singapore straits. Petrol pump prices in Singapore have crossed US$2.30 per litre and are expected to test US$3 levels last seen for the premium Octane 98 grade in early June 2022. — AFP

SINGAPORE: A dangerous new escalation in the Middle East conflict now drawing in the region’s oil infrastructure makes it likely that consumers and businesses in Singapore will soon see petrol prices rise again after a round of hikes last week.

Electricity prices, which depend heavily on natural gas, may also go up if Middle East supplies remain disrupted.