Share Story
AMMAN — President of the Gas Station Owners Association (GSOA) Fahed Al Fayez on Monday said the upcoming monthly pricing update of fuel products should see a larger drop than what the government announced recently.
Fayez expected the drop in crude Brent oil prices on the international market during December to lead to a 4.5-12 per cent decrease in local fuel prices, noting that the product’s global price decreased by 13 per cent this month compared to November.
The recent drop in international oil prices hit an 11-year low, according to news agencies.
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.
Last Tuesday, the government said fuel prices would drop at the end of this month by 2 per cent to 8 per cent, a ratio Fayez did not agree with.
The prices of diesel and kerosene are expected to witness a substantial decrease that could reach 11 to 13 per cent, Fayez told The Jordan Times over the phone.
The GSOA president also said that the prices of 90 octane and 95 octane gasoline are likely to go down by 4.5- 6 per cent.
Fayez noted that his expectations could carry a margin of error of 1-2 per cent.
His remarks on the drop in fuel prices were echoed by several consumers, who did not agree with the government’s expectations of a 2-8 per cent decline in prices.
“All prices should be reduced at least by 20 per cent,” wrote Facebook user Fares Alammer.
“Brent oil’s price is $36 and the decrease does not meet our expectations,” Osama Eid also commented on Facebook.