Arab News | Oman’s import prices jump 11.7% as fuel costs surge

JEDDAH: Oman’s import prices rose 11.7 percent year on year in the second quarter of 2026, driven by a 45.5 percent surge in mineral fuel costs, as higher prices across several commodity groups pushed up the country’s overall import price index.  

The index, compiled by the National Centre for Statistics and Information, increased 2 percent from the first quarter, accelerating from a 5.8 percent annual rise in the January-March period, according to official data reported by the Oman News Agency. 
 
Prices of animal and vegetable oils, fats and waxes rose 16 percent year on year, while chemicals and related products increased 11.6 percent. Crude materials, excluding fuels, rose 8.3 percent, and manufactured goods classified chiefly by material gained 7.1 percent. 
 
The increase comes amid volatility in global commodity markets and disruptions to regional shipping linked to the conflict in the Middle East. Higher energy prices, elevated freight and insurance costs and longer maritime journeys have added pressure to import-dependent economies across the region, with the impact varying according to countries’ exposure to key trade routes. 

Quarterly price movements 

“On a quarterly basis, the overall import price index rose by 2 percent in the second quarter of 2026, compared to the first quarter of the same year,” ONA reported. 
 
Prices of mineral fuels and related materials rose 21.1 percent, while beverages and tobacco increased 13.8 percent. Prices of chemicals and manufactured goods classified chiefly by material each rose 12.5 percent, while animal and vegetable oils, fats and waxes increased 11.7 percent.  

In contrast, prices of machinery and transport equipment fell 12.8 percent, while crude materials, excluding fuels, declined 8.7 percent. Prices of miscellaneous manufactured articles fell 1 percent, while food and live animals decreased 0.3 percent. 
 
On a year-on-year basis, prices of beverages and tobacco rose 6.5 percent, while food and live animals increased 1.1 percent. Machinery and transport equipment prices edged up 1 percent, while miscellaneous manufactured articles declined 2.9 percent, ONA reported. 
 
Energy and shipping pressures 

The increase coincided with broader energy-market volatility and shipping disruptions linked to the regional conflict.  

In April, the International Monetary Fund reported higher maritime insurance premiums and freight costs as vessels took longer routes. Oman was less exposed to direct shipping disruptions because its maritime access extends beyond the Strait of Hormuz, according to the IMF.  

However, the country remains exposed to wider increases in freight, insurance and commodity costs.  

In April, the World Bank projected global energy prices would rise 24 percent in 2026, citing attacks on energy infrastructure and shipping disruptions in the Strait of Hormuz. It warned that higher energy and fertilizer prices could push up food prices and broader inflation.  

The global lender’s April report also noted that food inflation rose in Oman and Kuwait in March, while remaining broadly unchanged in Saudi Arabia.