Singapore fuel prices soar to 2022 highs as Hormuz tensions spike oil costs
Fuel prices in Singapore have hit their highest levels since the Ukraine war in 2022, with 95-octane petrol now costing between S$3.40 and S$3.42 per litre. The surge follows global oil price hikes caused by disruptions in the Strait of Hormuz, a critical shipping route for oil and gas. Global oil prices have spiked sharply due to recent blockades in the Strait of Hormuz. Brent crude, which traded below 70 USD per barrel in 2021, surged to 78 USD in early March 2026 before climbing further to between 110 and 120 USD. This increase has pushed local fuel costs beyond previous peaks.
In response, Grab will raise its fuel surcharge by 40 cents (RM1.26) from April 7, bringing it from 50 cents to 90 cents for most trips. The adjustment will apply until May 31, with a review planned before the deadline. The full surcharge will go directly to drivers, as Grab does not take a commission. Other operators have also taken steps to support drivers. Strides Premier is offering up to S$500 in fuel credits to new taxi or private-hire drivers who sign up between March 24 and April 30. Grab has also announced a S$1.1 million support package, including fuel vouchers, higher monthly bonuses, and increased cashback rebates. Several taxi companies, such as GrabCab, Strides Premier, Prime Taxi, and ComfortDelGro, have raised fares or reintroduced driver fees. The National Private Hire Vehicles Association (NPHVA) first introduced these fees in 2022 to help drivers manage rising living and fuel costs.
The fuel surcharge and fare adjustments aim to ease financial pressure on drivers amid soaring costs. The measures will remain under review as global oil prices continue to fluctuate. Drivers will receive the full surcharge amount without deductions from Grab.
