‘6-7.5% increase expected in fuel prices’

AMMAN — Fuel prices are expected to increase by 6-7.5 per cent June 1, Gas Stations Owners Association (GSOA) President Fahed Al Fayez said on Tuesday.

The expected increase of fuel prices in the local market is linked to the rise in prices of Brent crude oil globally, Fayez added, noting that political factors in the region played a role in raising crude oil prices.

“The instability in Yemen and the region affects the safety of sea freight. In addition, regional turmoil also caused demand on fuel derivatives to increase as people tend to stock up on fuel in case it becomes a rare commodity and thus prices increase,” Fayez told The Jordan Times over the phone. 

The current price of a barrel of crude oil is around $66, he said.

The cost of a 12.5-kilogramme gas cylinder, which currently stands at JD8, will remain unchanged, according to the GSOA president

The government raised fuel prices by between 2.5 and 3.3 per cent for May. 

Under the current price list, one litre of unleaded 90-octane gasoline costs JD0.625, while 95-octane costs JD0.795 per litre.

The price per litre of diesel and kerosene was set at JD0.470 instead of JD0.455 compared to April — an increase of around 3.3 per cent.

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.