Slight drop expected in fuel prices

AMMAN — Fuel prices are expected to see a slight drop in the domestic market as of Monday, Gas Stations Owners Association (GSOA) President Fahed Al Fayez said Thursday. 

The government’s pricing committee is set to review 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 August, Fayez told The Jordan Times over the phone that the average drop in prices was nearly $3.5 this month compared to July. 

The Brent price ranged between $102 and $103 per barrel in August, while in July it was around $107. 

The prices of oil derivatives globally also dropped slightly this month, Fayez said, indicating that the government committee bases its update on the prices of Brent crude and ready fuel products. 

“The drop will be very slight,” he noted, declining to give a specific percentage.

Currently, one litre of unleaded 90-octane gasoline is being sold at JD0.850, while one litre of 95-octane costs JD1.035.

Both diesel and kerosene are sold at JD0.660 per litre. The price of cooking gas usually remains unchanged at JD10 per cylinder.