Oman Producer Prices Soar 32.7% in Q2 Amid Refined Petroleum Price Hike

Oman's producer prices saw a significant surge of 32.7% in Q2 compared to the same period last year, according to official data from the National Centre for Statistics and Information reported by Oman News Agency.

This marked a sharp turnaround from the previous quarter, where the Producer Price Index had fallen 3.9%. The increase was driven primarily by rising crude oil, natural gas, and refined petroleum prices, which climbed 31% year-over-year.

The mining and quarrying sector also saw significant price increases, with crude oil and natural gas prices rising 31.9%. Within this group, stone and sand products saw a 0.5% increase, while metal ore products declined by 14.3%.

Prices of manufactured goods also rose, driven by a 55.3% increase in the prices of other transportable goods. Refined petroleum products saw an astonishing 88.2% price hike, with chemical products increasing by 21.4%. Metal products, machinery, and equipment rose 31.7%, with iron, steel, or aluminum products seeing a 48.9% jump.