Oil company in occupied Aden shutd down amidst worsening economic crisis

Oil company in occupied Aden shutd down amidst worsening economic crisis

The oil company of Aden, which is under control of the UAE-backed Southern Transitional Council (STC) militias, has closed all its stations in the city.

The sources indicated that the Central Bank refuses to conduct a banking operation for importers of petroleum derivatives, which exacerbated the crisis of oil derivatives and revived the illegal trade on the black market.

It is noteworthy that the signs of the crisis began to loom yesterday in the provinces controlled by the STC: Aden, Lahj, Socotra and Abyan, where the price of a gallon of 20 liters rose to over 9,000 riyals.

Economic observers attributed the sudden crisis in the occupied provinces to the deterioration of the Yemeni riyal against foreign currencies in those areas, suggesting that the STC will impose a new price range on oil derivatives.

Observers said the measures came after the failure of reforms by the Hadi’s government, which continues to flood the domestic market with billions of rials worth of illegal currency that is printed without cash cover.

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