Fuel prices in Mogadishu have increased by 15% over the past week, according to multiple sources who spoke to Mustaqbal Media.
The rise has been linked to growing tensions in the Middle East, with fuel prices responding to developments in the region.
Before last week, fuel prices had been declining as relative stability prevailed in the Middle East. However, prices began rising again as tensions intensified, although the prices of petrol and diesel vary across different markets.
Fuel prices in Mogadishu remain unstable and could either rise further or fall depending on developments in the Middle East according to the reports
A period of political stability and reduced conflict in the region could contribute to lower prices.
The Houthi attacks on Saudi oil facilities are also being viewed as a factor that could further push up global fuel prices. Markets around the world have already felt some effects of the increase, although the impact has so far remained limited.
The link between global fuel prices and instability in the Middle East is significant because around 20% of the world’s oil passes through the Strait of Hormuz. As a result, conflicts and disruptions in the region can quickly affect international oil markets and, ultimately, fuel prices in countries such as Somalia.
Mustaqbal
