High oil prices to affect the transportation sector negatively

The rise in global oil prices to their highest levels due to Covid has significantly affected taxis’ fair in Mongolia. Studies have recently shown that the increase in prices will reflect on employment and production in the market, as the authorities set the taxi fare at 1,000 MNT per kilometer, while in the third quarter it reached 1,500-2,000 MNT. The citizen J.Namjil believes that the price hike twice in one month will affect the economy by reducing the rate of consumer purchases and increasing transportation costs.