Fuel Prices Soar in Singapore and Malaysia, Remain Stable in Indonesia

REPUBLIKA.CO.ID, SINGAPORE – The United States (US) and Israeli attacks on Iran on 28 February 2026 have led to a rise in global energy prices. Even fuel prices in several neighbouring countries have skyrocketed as a result of Iran’s bold counterattacks on several US military bases in the Gulf region and Israeli territory.

Quoted from the Straits Times on Wednesday (18/3/2026), prices at Cnergy stand at S$2.35, or about Rp31,000 per litre for 95-octane petrol, and S$2.65, or about Rp35,000 per litre for 98-octane petrol. If the war continues and Iran closes the Strait of Hormuz, oil prices are feared to keep soaring.

For private hire car driver Muhammad Fauzi (44 years old), the petrol price increase—the highest since 2022—has reduced his net income. He claims to have earned around S$1,400-1,600, or about Rp18.5 million-Rp21 million, in the past week.

Normally, he earns S$1,700-1,900, or about Rp22.5 million-Rp25 million. Even after spending more than 12 hours on the road every day, his income has declined due to fewer passengers.

Although the online transport platform Grab has offered fuel vouchers worth S$40, or about Rp528,000, to cover the higher costs, according to Fauzi, that amount is insufficient. “That voucher isn’t even enough to fill one full tank. (They) might as well not give it,” said Fauzi.

The same situation is occurring in Malaysia. A Malay Mail report on Friday (20/3/2026) notes that unsubsidised fuel prices have risen consecutively over the past two weeks.

The RON95 price now stands at RM3.27, or about Rp14,000 per litre, and RON97 at RM4.55, or about Rp19,500 per litre. Those prices are up from RM2.59 (Rp11,000) and RM3.15 (Rp13,500) per litre at the end of February.

Diesel prices in Peninsular Malaysia have also risen from RM3.04 (Rp13,000) to RM4.72 (Rp20,000) per litre over the same period. Meanwhile, diesel prices in Sabah, Sarawak, and Labuan remain at RM2.15 (Rp9,252) per litre.