4-6% drop expected in fuel prices — MP

AMMAN — Fuel prices are expected to drop slightly in the domestic market as of April 1, Deputy Jamal Gammoh, head of the Lower House Energy and Mineral Resources Committee, said Thursday. 

The drop in prices of fuel products is expected to be between 4-6 per cent, Gammoh added.

Basing his expectations on the average price of Brent Crude Oil on the international market during February, the deputy told The Jordan Times over the phone that the average prices for crude oil ranged from $52 to $55.

“The prices of crude oil dropped slightly in February. We expect a drop in prices in Jordan but this drop will be slight,” Gammoh said.

Prices of main oil derivatives rose by around 12 per cent as of March 1.

Currently, one litre of unleaded 90-octane gasoline is being sold at JD0.585, while one litre of 95-octane costs JD0.740.

Both diesel and kerosene are sold at JD0.455 per litre, while the price of cooking gas remains unchanged at JD8 per cylinder.

The government lifted oil subsidies in November 2012 and a pricing committee meets monthly to adjust prices in a manner that corresponds to changes on the international market.

The committee — comprising representatives from the ministries of energy and finance, and the Jordan Petroleum Refinery Company — calculates the updates based on average international oil prices during the preceding 30 days and other costs such as freight and handling.