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Singapore’s hidden bill: From the Middle East oil shock to your wallet
The Iran war impact shows how fuel underpins our logistics, transport and services. It’s a wake-up call to speed up the shift to clean energy.
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The Iran war impact shows how fuel underpins our logistics, transport and services. It’s a wake-up call to speed up the shift to clean energy.
ST PHOTO: MARK CHEONG
Alberto Salvo
Oil disruptions are often discussed in macro terms such as prices, inflation and the effect on gross domestic product. But the reality for Singaporeans ranging from working families to retired seniors is that the Iran conflict’s oil shock is a series of hits to the wallet and logistical inconveniences. These inconveniences keep adding up as businesses try to recover higher fuel costs.
Supermarkets adjust deliveries; service providers introduce or raise transport surcharges – a ticket on the Singapore-Batam ferry now carries a $6 fuel surcharge; parents and operators negotiate school bus routes, pickup windows or fees; and leisure and short-haul travel options quietly thin as fuel and insurance costs rise.
