SINGAPORE, April 13 — Singapore manufacturers are facing cost pressures from the Middle East energy crisis that they say are worse than during the Covid-19 pandemic, according...
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SINGAPORE, April 13 — Singapore manufacturers are facing cost pressures from the Middle East energy crisis that they say are worse than during the Covid-19 pandemic, according to
Soya sauce maker Thomas Pek, managing director of Tai Hua Food Industries, told the English daily that the surge in oil-related disruptions has driven up costs across packaging, transport, production and freight. “During the pandemic, our costs did not increase so much. But this crisis is worse than the pandemic,” he was quoted as saying. He said industry diesel has jumped from $1.20 per litre in late February to $3 per litre on April 10, while packaging costs linked to PET resin shortages have also increased. Pek said the company may need to raise soya sauce prices by 10 to 15 per cent from May if high costs persist.
Singapore Food Manufacturers’ Association president Raymond Tan told that firms are still absorbing costs using earlier stockpiles, but warned the impact will become clearer once new orders reflect higher prices.
He added that manufacturers are already adjusting operations, including consolidating deliveries and rescheduling production to reduce fuel usage.“Even shipping insurance and surcharges keep changing. It’s no longer just fuel—it’s risk pricing now,” the source was quoted as saying. Industry observers also pointed to fertiliser markets, where disruptions in the Middle East have pushed global urea prices up more than 35 per cent in a month, tightening supply for agriculture-linked sectors. ANZ Research said trade restrictions by China and Russia are further constraining fertiliser supply, particularly for import-dependent economies.
Local food producers, including egg and vegetable farms, said they are currently absorbing higher feed, fertiliser and diesel costs but may have to review prices if conditions persist.
Thomas Pek Tai Hua Singapore Food Manufacturers Association Raymond Tan PET Resin Shortages ANZ Research Trade Restrictions
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