Gasoline prices in Jordan for the month of April 2023, to be announced next Friday, are expected to witness a limited decline.
Expectations of a decline in fuel prices in Jordan come against the background of the significant drop in oil prices this month, which fell to their lowest levels in 15 months due to the global banking crisis.
Experts expected that gasoline prices in Jordan for the month of April 2023 would decline slightly or stabilize at the levels of this March.
Fuel prices in Jordan
Fahd Al-Fayez, a specialist in the fuel sector, expects fuel prices to stabilize or decrease by a modest percentage in Jordan, while specialist Hashim Akl expects them to decrease slightly, according to Al-Mamlaka TV.
Al-Fayez said that in the event that the Petroleum Derivatives Pricing Committee decides to reduce prices, the decline will be in the range of 1 to 1.5% only.
He pointed out that the sharp decline in the price of Brent crude during the current month will not be directly reflected in the prices of gasoline in Jordan and other oil derivatives.
He stressed that the price of a barrel of Brent crude is only an indicator, and not an essential input into the pricing equation, noting that the Petroleum Derivatives Pricing Committee sometimes issues its decisions under the influence of “political decisions”, far from numbers and the reality of their impact, in line with the general situation of citizens.
Global oil derivatives prices
The prices of oil derivatives in the global markets recorded a decline during the second and third weeks of the current month of March, compared to their prices in the first week.
According to data from the Ministry of Energy and Mineral Resources in Jordan, 90-octane gasoline recorded a price of $811.7 per ton during the second week of March, compared to the average price in the first week, which amounted to $822.8, a decrease of 1.4%.
And 90-octane gasoline continued its decline in the third week to $767.8 per ton, a decrease of 5.4%, compared to the second week of this month.
In the second week, 95-octane gasoline recorded a price of $852.2 per ton, compared to $859.2 per ton recorded in the first week, with an increase of 0.8%.
The price of 95% octane gasoline declined by 5.1% during the third week of this month, to record $808.6 per ton, compared to $852.2 per ton in the second week of March.
The price of diesel (diesel) also decreased in the second week from $771.8 per ton to $737.2 per ton, a decrease of 4.5%, and it continued its decline in the third week to $695.3 per ton, a decrease of 5.7%.
The price of kerosene (kerosene) declined in the second week of March from $815.5 per ton to $770.7 per ton, by 5.5%. In the third week, the decline reached $722.7 per ton, by 6.2%.
Gasoline price forecast in Jordan
Specialist Hashem Akl expected a decrease in the price of 90 and 95 gasoline by less than 1%, which amounts to 6 fils per liter, and a decrease in the price of a liter of diesel by 2.7%, which reaches 22 fils per liter.
Akl explained that sharp price fluctuations for Brent crude occurred during the current month, between a decrease and a return to an increase, indicating that the crude had a strong start at the beginning of the current month, and then prices fell 11% as a result of global developments that led to a decline in demand and the flight of speculators due to bankruptcies. in the United States and the specter of bankruptcy of banks in Europe.
The price of Brent crude fell in the second week of this month from $84.7 a barrel to $81.6 a barrel, recorded in the first week, a decrease of 3.7%. $81.6 in the second week of this month.
Gasoline prices in Jordan for the month of March
Gasoline prices in Jordan for the month of March 2023 witnessed stability after their rise in February, according to the decisions announced by the Petroleum Derivatives Pricing Committee at the end of last month.
The committee decided to fix gasoline prices in Jordan for the month of March 2023, while reducing the price of diesel by about 10 fils, and fixing (kerosene) kerosene.
We review the prices of gasoline in Jordan for the month of March 2023, according to the data seen by the specialized energy platform:
- The price of a liter of 90-octane petrol is 945 fils.
- The price of a liter of 95 octane petrol is 1185 fils.
- The price of diesel (diesel) records 810 fils.
- The price of kerosene hits 620 fils.
- The price of a domestic gas cylinder (liquefied petroleum gas) is 7 dinars.
* (1000 fils is equivalent to a Jordanian dinar = 1.41 US dollars)
Jordan’s King Abdullah II had recently directed the government to freeze the tax on kerosene, which is one of the most consumed fuels in the kingdom, during the winter season, with the aim of easing the burden on citizens.
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