Singapore and Vietnam Adjust Fuel Prices Amid Global Volatility
Fuel companies in Singapore and the Vietnamese government adjusted retail fuel prices following Iranian attacks on commercial vessels and U.S. sanctions on crude sales.
Retail fuel prices shifted across Southeast Asia between July 6 and July 9, 2026, responding to global oil market volatility. This instability followed Iranian attacks on three commercial vessels in the Strait of Hormuz and the subsequent decision by the United States to revoke a general license for Iranian crude sales.
In Singapore, major fuel companies—including Shell, Caltex, Esso, Sinopec, and SPC—lowered diesel prices, pushing the cost per litre below 4 Singapore dollars. These reductions took place between July 6 and July 7.
Simultaneously, the Vietnamese government adjusted prices on July 9. The Ministry of Industry and Trade and the Ministry of Finance lowered costs for biofuel E5RON92 and E10RON95-III, though the price of 0.05S diesel increased. Vietnamese officials decided against utilizing the petroleum price stabilisation fund for these adjustments and committed to supervising traders to maintain supply stability.
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