‘Fuel prices expected to rise by 10-15%’

AMMAN — Fuel prices are expected to increase by between 10 to 15 per cent as of March 1, the Gas Stations Owners Association (GSOA) said on Thursday. 

GSOA Director Ahmad Hattab said the expectation is based on the average price of Brent crude oil on the global market since the beginning of February.

“The global price per barrel stood at $56 this month while it was $47 when the prices decreased,” Hattab told The Jordan Times over the phone. 

The government lowered the prices of main fuel products by nearly 11 per cent in February as a reflection of the fall in international oil prices.

Following the drop in prices, one litre of unleaded 90-octane gasoline is currently sold at JD0.525, while one litre of 95-octane costs JD0.660.

The price per litre of diesel and kerosene is JD0.405, while a gas cylinder costs JD8.

Consumer demand has been on the rise in the last days of February, as the public expects the prices of fuel products to increase in March, Hattab said, adding that the majority of consumers have been buying large amounts of diesel.

A government pricing committee meets monthly to adjust prices in a manner that corresponds to changes in oil prices on the international market. 

Prices of oil derivatives in the local market are calculated based on international prices of oil, with the addition of other costs such as shipment, handling and taxes on gasoline.