Yemen fuel price hikes deepen hardship as transport costs rise
Summary
The Yemen Petroleum Company raised fuel prices by 24 percent in areas it controls, citing regional tensions and higher costs for shipping and insurance. This increase is expected to cause more economic difficulties for Yemenis as fuel price rises lead to higher transport and goods costs.Key Facts
- Fuel prices increased from 1,190 to 1,475 Yemeni riyals per litre, a 24 percent hike.
- The hike was blamed on regional conflicts, including tensions related to Iran and disruptions in the Strait of Hormuz.
- The Yemen Petroleum Company said the price increase is temporary and tied to resolving regional crises.
- Fuel costs affect many areas of the economy, including transportation and food prices.
- Drivers and ordinary citizens, such as Abdullah Salem, are struggling with higher costs and have had to raise fares.
- Some passengers are avoiding paid transport due to fare increases, choosing to hitchhike instead.
- The company said fuel prices depend on imported refined fuel costs linked to the US dollar exchange rate and shipping expenses.
- Economists warn that more fuel price increases could happen if global oil prices continue to rise.
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