‘8-10% drop expected in fuel prices’

AMMAN — Fuel prices are expected to drop by 8 to 10 per cent on February 1, a government official told The Jordan Times Wednesday. 

The official, who preferred to remain unnamed, said the government’s pricing committee will announce the drop in prices of oil derivatives in the local market, adding that the price of 12-kilogramme gas cylinders will remain at JD8.75 a unit. 

The pricing committee meets at the end of every month to set the prices of fuel products, a procedure instated after the government lifted fuel subsidies on November 14, 2012.

The expected drop in prices is driven by the average price of crude oil and prices of ready-to-use fuel products in the global market, the official said, adding that the average price of Brent crude oil settled at less than $50 a barrel. 

Currently, one litre of unleaded 90-octane gasoline is sold at JD0.59, while 95-octane costs JD0.735 per litre.

The price per litre of diesel and kerosene is JD0.46.

Last month, fuel prices in the domestic market saw a drop of around 14 per cent.