8-15% drop in fuel prices expected for February — syndicate

AMMAN – The prices of fuel products for February are expected to drop by 8 to 15 per cent, President of the Gas Station Owners Association (GSOA) Fahed Al Fayez said on Wednesday.

Fayez said the drop in the price of crude Brent oil on the international market during January compared with December should lead to the expected decrease locally.

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.

The prices of diesel and kerosene are expected to witness a 15 per cent drop, Fayez told The Jordan Times over the phone.

The GSOA president also said that the prices of 90-octane and 95-octane gasoline are expected to go down by 8 to 10 per cent. He noted that his expectations could carry a margin of error of 1 to 2 per cent.

One litre of unleaded 90-octane gasoline is currently sold at JD0.520, while a litre of unleaded 95-octane gasoline costs JD0.680. 

Diesel and kerosene are sold at JD0.360 per litre instead of JD0.400.

The price of a 12-kilogramme gas cylinder, used for cooking and in winter for heating purposes, is JD7.

Head of the Lower House Energy Committee MP Raed Khalaileh agreed that the prices of fuel products are likely to go down, but he did not expect the drop to be that substantial, without giving a specific percentage.

Khalaileh said the drop in Brent oil prices on the international market has reached to around 13 per cent, but that is not enough to accurately predict the expected drop locally, since many other elements are taken into consideration during the calculation.

"There will most likely be a decrease, and the government pricing committee will meet on Sunday to decide on the new prices," the lawmaker told The Jordan Times.