Gasoline prices in Jordan for the month of July 2023 recorded a new decline

Arab Weather - Gasoline prices in Jordan for the month of July 2023 witnessed a new decline, after it had declined for the fifth time during the current year, in June.

The government in Jordan had reduced the prices of gasoline of all kinds during the past month, in addition to reducing the prices of diesel (diesel), with values that ranged between 45 and 50 fils per liter, while fixing the price of kerosene, a step that experts expected to be repeated for the month of July. (2023).

It is noteworthy that the new announcement on gasoline prices in Jordan for the month of July 2023 comes in light of the rise in average international oil prices during the current month compared to last May, according to what was seen by the specialized energy platform.

Both benchmarks (Brent and West Texas Intermediate) are heading to rise by more than 2% in this June, and the rise will be the first monthly gain for Brent crude during 2023, but it will be the second gain for West Texas Intermediate crude after gains in April.

Fuel prices in Jordan for the month of July 2023

Today, Friday, June 30 (2023), the Petroleum Derivatives Pricing Committee announced the prices of gasoline in Jordan for the month of July 2023, and other oil derivatives, which are expected to be implemented starting tomorrow, Saturday, July 1.

The committee decided to price the reduction in gasoline prices in Jordan for the month of July 2023, by about 5 fils for gasoline of all kinds, while reducing the price of diesel by about 40 fils.

The prices of gasoline in Jordan for the month of July 2023, and other oil derivatives, are as follows:

• The price of a liter of 90 octane petrol is about 895 fils instead of 900 fils.
• The price of a liter of 95 octane petrol is about 1135 fils instead of 1140 fils.
• The price of a liter of “diesel” is about 675 fils instead of 715 fils.
• Fixing the price of kerosene at 620 fils.
• Fixing the price of a domestic gas cylinder (liquefied petroleum gas) at 7 dinars.

(1000 fils = Jordanian dinars = 1.41 US dollars).

The government aims to reduce the burden on citizens, in implementation of the directives of Jordan's King Abdullah II, to freeze the kerosene tax, which is the most consumed fuel in the Kingdom, according to information monitored by the specialized energy platform.

Oil prices and pricing mechanism

The Petroleum Derivatives Pricing Committee met today, Friday, June 30 (2023), to announce gasoline prices in Jordan for the month of July 2023, which are to be implemented during the period between July 1 and July 31, as it reviewed the prices of oil and its derivatives, and applied the price equation after the review.

It is noteworthy that experts had expected a decrease in gasoline prices in Jordan during the month of July, against the background of the continuing decline in global oil prices, according to reports seen by the specialized energy platform.

Despite experts' expectations, there were fears of a repeat of the scenario of last May 2023, in which experts and analysts expected fuel prices to decline in Jordan, but the government surprised everyone and added increases of between 5 and 10 fils.