Fuel prices to rise in Jordan

Fuel prices [in Jordan] are expected to be raised by a minimum of 1 per cent and a maximum of 4 per cent after Thursday midnight, according to President of Gas Stations Owners Association (GSOA) Fahed Al Fayez. As the government is preparing its monthly price update of oil derivatives, Fayez told The Jordan Times over the phone Tuesday that motorists would pay JD0.82 for a litre of 90-octane gas and JD1 for one litre of 95-octane gas, which means that the 90-octane will see a rise of 2.5 per cent while the higher quality fuel product would go up by 1 per cent only. The two gasoline products are currently sold at JD0.80 per litre and JD0.99 per litre respectively, The GSOA president, whose expectations are based on the average price of Brent Crude in the global market over the past month, also predicted that kerosene and diesel products to go up by nearly 3.5 to 4 per cent to JD0.70 or JD0.71 a litre. Both products currently are sold at JD0.685 a litre. The price of cooking gas cylinders, used mainly for heating purposes during winter, are set to remain unchanged at JD10 per unit. Fayez explained that when the government updated fuel price late January Brent Crude prices were around $113 per barrel, while in February its price ranged between $114 and $118 per barrel. The government decided to lift fuel subsidies on November 14, with the decision leading to a 15 per cent increase in the price of 90-octane gasoline and a 33 per cent increase in prices of diesel and kerosene. The unpopular decision caused protests and riots across the Kingdom. Currently, fuel prices in the domestic market are announced monthly by a government pricing committee as they fluctuate in accordance with changes on world markets. Albawaba Business