2-3.5% rise expected in fuel prices

AMMAN — Fuel prices are expected to increase by between 2 and 3.5 per cent as of May 1, according to the Gas Stations Owners Association (GSOA). The expectation is based on the average price of Brent crude oil on the global market, GSOA President Fahed Al Fayez said on Sunday. 

“The rise in fuel prices will have a negative impact on people’s financial situation as 30 per cent of their budget is spent on fuel,” Fayez told The Jordan Times over the phone.

GSOA Director Ahmad Hattab said the global price per barrel stood at $59.54 on Sunday while it was $56.79 when the prices increased at the beginning of this month.

Fuel prices increased by around 4.5 per cent as of April 1, raising the price of one litre of unleaded 90-octane gasoline to JD0.610, up from JD0.585 last month, while one litre of 95-octane costs JD0.775, compared with JD0.740 in March.

The prices of both diesel and kerosene remained unchanged at JD0.455 per litre.

The price of cooking gas also remained unchanged at JD8 per cylinder.

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.