Fuel prices expected to drop by up to 5 per cent

AMMAN — Fuel prices are expected to drop by up to 5 per cent in the domestic market as of Monday, Gas Stations Owners Association (GSOA) President Fahed Al Fayez said Saturday. 

The government’s pricing committee is set to update the prices of oil derivatives on Sunday night, a procedure taken on a monthly basis after the government lifted fuel subsidies on November 14, 2012. 

Basing his expectations on the average price of Brent Crude Oil on the international market during November, Fayez noted that the drop in crude oil prices was “very large” over the past four weeks.

“Prices of oil derivatives are expected to drop by between 0-5 per cent,” the GSOA president told The Jordan Times over the phone.

“Brent crude prices dropped in the first three weeks of November, but the largest drop was in the last week. We will see a drop but it will not be like last month, when prices of some derivatives went down by around 9.2 per cent,” Fayez said.

“The drop will not be large as the prices of some ready-to-use types of fuel such as diesel and liquefied petroleum gas rose globally,” he added. 

Currently, a litre of diesel or kerosene is sold at 575 fils, while 90-octane gasoline, used by the majority of motorists in the Kingdom, costs 735 fils a litre  and one litre of 95-octane is sold at 895 fils.