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.
Caltex, Esso and Shell all listed 95 gasoline at SGD3.49 (US$2.74) per liter Wednesday, a 3.6% spike compared to Sept. 6, according to fuel data platform Motorist.sg.
92 gasoline also went up by around 3.6% to SGD3.46 per liter. Gasoline prices in Singapore have risen around 22% since the start of the year.
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95 gasoline prices in Singapore. Graphics by Motorist.sg |
The increase pushed diesel, which is used mainly by commercial vehicles and buses, above SGD4 a liter across major brands for the first time since late June.
Brent crude has risen about 6.5% over the past seven days amid rising tension in the Middle East. Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, while Gulf Arab states postponed planned talks with Iran, raising concerns that the Middle East conflict could expand and disrupt global oil supplies.
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Motorists enter the central business district during morning peak period in Singapore, May 31, 2016. Photo by AFP |
Washington has so far resisted Saudi requests for direct military intervention beyond intelligence support, according to Reuters.
Trump said over the weekend that he had spoken with the crown prince and that the Houthis had also contacted Washington, urging it to stay out of the conflict.