Singapore warns that the conflict in the Middle East could lead to an increase in electricity prices.

SINGAPORE, March 31, Sina Finance - The Singapore authorities have warned that due to the tension in global energy supply caused by the war between the United States and Israel and Iran, electricity prices in Singapore may rise in the coming months. The Singapore Energy Market Authority stated that due to widespread disruptions in oil and natural gas production and transportation in the Middle East, fuel prices are expected to remain high in the foreseeable future. The Singapore Energy Market Authority also stated that electricity prices in Singapore are determined based on the average fuel costs of the previous quarter, so the electricity prices from April to June will only be partially affected by the conflict that erupted at the end of February. The EMA also stated that in the coming quarters, there may be further increases in electricity prices and gas fees, with the increases possibly being even greater. The agency said, "We cannot predict how long the conflict in the Middle East will last. Therefore, households and businesses must prepare for higher and more unstable energy costs." The agency urged consumers to use more energy-efficient appliances and conserve energy.