Oil Fund Board resolves to freeze all retail fuel prices after global prices surge
CommodityMacroGeopolitics Impact 4
The Fuel Fund Management Committee, known as the Oil Fund Board, has approved a resolution to freeze retail prices of all types of fuel in order to ease the impact on the public's cost of living, amid pressure from rapidly rising global oil prices. In the Singapore market on September 11, 2026, diesel surged to 191.91 US dollars per barrel, while gasoline rose to about 148 US dollars per barrel. The key factor is intensifying geopolitical tension in the Middle East, particularly attacks on oil tankers in the Strait of Hormuz and the Red Sea, which have driven up shipping and vessel insurance costs, while oil supply in the market was already tight due to production limits by major producers. The Oil Fund Board is still considering additional measures to help manage domestic retail fuel prices and is asking all sectors to cooperate in using energy efficiently.
