Oil and gas drive up producer prices in Oman

Producer prices increased by 40.7 percent in Q2
Oil and gas drive up producer prices in Oman
Omani citizen shopping at a vegetable store

Oman’s producer price index increased by 40.7 percent in the second quarter of this year compared to the same period in 2021, with prices of oil and gas products leading the way, increasing by 48.7 percent, while non-oil products increased by 7.8 percent.

According to data from the National Center for Statistics and Information (NCSI) in Oman’s quarterly survey of producer price indices, the increase in the prices of oil and gas products is due to a 50.3 percent increase in the prices of refined oil products and a 48.4 percent rise in the prices of crude oil and natural gas products.

The Center attributed the increase in non-oil product prices to a 9.4 percent increase in manufacturing prices and a 1.8 percent growth in mining, electricity, and water prices, Oman News Agency reported.

In the converting industries group, the prices of most sub-groups grew in varying proportions: Foodstuff prices increased by 15.2 percent, mineral products, machinery, and equipment by 11.6 percent, and other movables by 5.7 percent.

A breakup of figures shows that in the foodstuff and textiles group, the prices of fisheries, fruits, vegetables, and oils grew by 34.8 percent, textiles by 11.7 percent, beverages by 8.6 percent, dairy products by 8.5 percent, bakery and other food products by 3.9 percent and footwear items by 2.7 percent.

In the Minerals, Machinery, and Equipment Group, the prices of products made from iron, steel, or aluminum grew by 35.7 percent, vacant compressed cylinder products by 15.4 percent, crude, iron, steel, and aluminum by 11.4 percent, and water heater products by 10.4 percent, while the prices of power transformers, cables, and electrical appliances registered an increase of 6.1 percent.

Moreover, transportable goods, dyes, and pharmaceutical products increased by 13 percent, chemical products surged by 11.6 percent, rubber and plastic products climbed by 6 percent, re-melted iron waste products increased by 4.9 percent, and glass, cement, and marble prices all increased by 6.1 percent. Meanwhile, paper products decreased by 1.6 percent.