Average global fuel prices to be announced weekly

AMMAN — The Energy Ministry will announce the average price of oil derivatives and the Brent crude oil on a weekly basis as of July 1, aiming to acquaint citizens with the global prices’ fluctuation, Energy Ministry Hala Zawati said on Sunday.

In a ministry statement carried by the Jordan News Agency, Petra, Zawati said that these global prices are the basis used to calculate the local prices of oil derivatives, noting that local rates depend on the prices of oil derivatives in reference markets for the previous 30 days.

The minister reviewed the prices of a barrel of crude Brent oil in the past three months, where it stood at $71.8 in April, $76.93 in May and $74.33 in June.

The government’s fuel pricing committee, which convenes monthly to announce the prices, on Saturday decided to postpone the announcement of the July oil derivatives prices until the government announces its fuel pricing mechanisms, which it had pledged to share “clearly and transparently” with the public.

Currently, the prices of oil derivatives are JD0.851 per litre for unleaded 90-octane gasoline, JD1.05 per litre for unleaded 95-octane gasoline and JD0.615 per litre for diesel and kerosene, while the gas cylinder price stands at JD7.

Also on Saturday, members of the Energy and Minerals Regulatory Commission announced an increase of 7 fils per Kilowatt-hour (kWh) to the electricity tariffs, which will be applied as on July 1 for all sectors and segments of the population, excluding households that consume 300 kWh or less per month.

Zawati said that the average price of unleaded 90-octane gasoline, for example, in reference markets in April stood at $644.77 per tonne, before increasing to $724.2 for one tonne in May, and dropped to $693.58 for each tonne in June, according to Petra.