MOGADISHU–Mogadishu, the capital of Somalia, is currently facing economic strain due to a sudden 77 percent increase in fuel prices. Just a few days ago, gasoline was being sold for 0.65 dollars, but on Friday night, it unexpectedly jumped to 1.15 dollars. This has directly affected local drivers, traders, and all residents of Mogadishu. According to market experts, the rise in fuel prices is linked to the ongoing conflict in the Middle East, specifically the standoff between Iran, the US, and Israel. This conflict has been ongoing for several days and has had a significant impact on fuel markets worldwide. Another contributing factor is the security threats and high insurance costs faced by ships carrying fuel in the Red Sea and Gulf of Aden. Additionally, concerns about potential disruptions to oil refineries and export areas have also contributed to the unexpected hike in fuel prices globally. The residents of Mogadishu have felt the biggest impact, particularly those who rely on public transportation such as three-wheeled bajaj. They fear that they will be forced to increase their fares to compensate for the rise in fuel prices. A driver in Mogadishu, who spoke to the media, shared his experience, saying, “I went to sleep when gasoline was 65 cents, but when I woke up in the morning, the price had exceeded 1 dollar. It is very difficult to provide for our families when fuel prices skyrocket like this.” Economic analysts have warned that if the conflict in the Middle East continues, it will not only affect fuel prices but also lead to an increase in the prices of electricity and food, which are essential for the livelihoods of the Somali people.
