Since the end of last February, fuel prices have been on the rise worldwide, including major spikes strongly linked to the ongoing conflict in Ukraine.
Whether it is the Western sanctions on Russia, the world's third-most nation in terms of oil production, or the growing global travel and business activity after two years of pandemic-related lockdowns, oil prices are touching record highs in 14 years and causing price hikes in different regions around the world.
Hike in #fuel_prices for June 2022. #UAE_BARQ_EN pic.twitter.com/kVnxMZdMRB
— UAE BARQ (@UAE_BARQ_EN) May 31, 2022
Fuel Prices in the Middle East
In the Middle East, fuel prices are seeing the sharpest peaks. In the UAE, an oil-rich country, fuel prices have risen by 56% in the last five months, which is expected to gradually affect the prices of other products and services in the country.
Source: Global Petrol Prices
Similarly, Jordan's fuel prices for the month of June have been the highest in the kingdom's history. For the month of June, the cost of unleaded 95-octane gasoline has risen by 22% while unleaded 90-octane gasoline saw a 14% increase. Meanwhile, diesel and kerosene accounted for 11%.
During the last hours of Tuesday and shortly before June prices go into effect, Jordanians reported long queues seen in gas stations, as many people tried to fill their tanks per May's prices.
Egypt, too, announced rising oil prices last April, the fifth announcement since October 2019, with growing fears of looming inflation inflicting damage to the country's economy.
In response to these major changes in the energy market, especially that it could continue to aggravate as a result of higher demand for air travel during the summer, more and more individuals are considering more affordable transportation means, such as hybrid and electric cars.
Jordanian social media has also seen growing calls for a boycott of petroleum products, an effort meant to pressure the government to lower prices or announce raising wages. Some commentators also argued that Jordanians could make adjustments to their lifestyles, including carpooling and using public transportation, to help alleviate the cost of living in the coming months.
