Prime Minister N.Uchral said the situation in the Strait of Hormuz has shaken global markets and caused a sharp rise in diesel fuel prices.

“There are many fuel-related issues. Mongolia has been purchasing fuel based on the Singapore Exchange price system. However, the current global situation has created an unprecedented challenge. Instability in the Strait of Hormuz has severely affected the global energy market, causing crude oil and refined product prices to rise sharply. It is unclear how much worse the situation may become,” he said.

He noted that last April, diesel fuel was purchased at a price twice as high as in March, at USD 1,400 per ton, and is expected to rise to USD 1,700 in May.

“In other words, a liter of diesel fuel cost MNT 3,200 a month ago, but today it has risen to MNT 4,400. In May, it is expected to reach nearly MNT 6,400 per liter. The government has already taken measures, including removing a 5% customs duty. Minister of Industry and Mineral Resources G.Damdinnyam has been sent to Russia for urgent talks, and a meeting is also scheduled in Kazakhstan. I believe we will reach an effective agreement,” he said.

Published Date:2026-04-23