Sanaa’s YPC attributes fuel price hike to global fluctuations, blockade

SANAA, Sept. 14 (YPA) – The Yemen Petroleum Company (YPC) in Sanaa attributed the rise in domestic fuel prices to rapid changes and fluctuations in global markets over recent months, according to an official statement issued on Monday.

The company stated that the price increases were driven by the “US-Israeli aggression against the Islamic Republic of Iran,” which resulted in supply and demand disruptions, alongside escalating shipping and maritime insurance costs.

The statement explained that these global developments directly impact the Yemeni market, which relies entirely on imports to meet domestic demand. This dependency, the company added, stems from a 12-year Saudi aggression and blockade and sanctions imposed on Yemen, preventing it from utilizing its crude oil resources and revenues.

Clarifying its operational scope, the YPC noted that its role is limited to inventory management, marketing regulation, and recalculating costs based on prevailing international prices and actual supply data provided by commercial importers. It highlighted that existing reserves over the past six and a half months had helped maintain local price stability despite rising global benchmarks.

The company stressed that any cost adjustments are tied to temporary variables subject to continuous review, fluctuating both upward and downward. Additionally, the YPC invited local and foreign companies, as well as importers capable of supplying fuel at lower costs, to submit official proposals to its headquarters.

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YPA