Fuel prices will rise. Aden Oil company calls on the bank and government to stop currency collapse

Fuel prices will rise. Aden Oil company calls on the bank and government to stop currency collapse

The oil company in Aden, the temporary capital city of the south, called on the Central Bank and the government on Saturday to intervene quickly and urgently to adjust the process of declining and manipulating local currency prices.

it said in a statement that the collapse of the local currency directly affects the livelihood of the citizen both by purchasing oil and food derivatives or by obtaining services associated with his daily life.

"The insane rise in the exchange rate of the dollar against the riyal directly affects the company's process of purchasing petroleum derivatives, especially in the absence of state intervention or support for oil derivatives, or even urgent intervention to control the cashiers and thus contribute to the process of fixing the price, in Riyal " it said.

It added the failure of the State to intervene or the central bank to impose strict controls on the cashiers has allowed speculation on exchange rates.

it said the price of fuel will rise successively as the exchange rate rises, as it purchases the oil derivatives it later marketed in the local market in dollars.


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