Gaza Strip: Many Palestinians in the Gaza Strip have started to sell their cars for prices much lower than their actual value as fuel prices spiral amid a worsening crisis.
Hamed Mahmoud, a 35-year-old taxi driver, was forced to display a sale price of $7,000 (Dh25,704) for his 2000 model Mitsubishi Lancer, which cost around $9,000 at the Gaza Auto Market.
Mahmoud, who displayed his car next to the hundreds of cars at the car market for sale, couldn't get a reasonable offer because merchants trying to get the best rate didn't show any interest.
Mahmoud said: "I'm forced to sell my car because I want to live, I have no job, my family has needs and I haven't got money. Now, I need to sell it to provide my family their needs and wait until this problems are solved."
Israeli supplies
The price of fuel coming in through the Israeli border is three times as high as supplies received through the tunnels connecting to Egypt and few in Gaza can afford it.
Car trader Ebrahim Al Saman said: "I bought a car for a lower price since the price of cars has declined at the moment but it will rise again when the crisis is over."
He added: "Those who are buying cars in the Gaza Strip have extra money and can afford these cars and resell them once the crisis is over to make extra profits."
It's been more than two months since the fuel crisis hit the besieged enclave following the cessation of supplies through tunnels along the border with Egypt.
Omar Shaban, an economic analyst, said: "The prices of the cars decreased around 30 per cent since the fuel crisis started in February, while the taxi fares haven't increased so much."
Shaban added: "Many of the taxi drivers are selling their cars to cover their daily needs and costs now but they will have a problem buying cars in the future after spending the money from the taxis sold."
Gaza has also been experiencing a widespread benzene shortage. A lingering power crisis too has added to the misery of the common people. Some diesel and benzene, normally not permitted by Israeli authorities from entering Gaza for public sale, have since been allowed in through the Kerem Shalom crossing at the request of the private sector.
