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Fuel prices expected to see slight drop in domestic market

: Monday, September 01 - 2014 @ 09:27

Gas Stations Owners Association (GSOA) President Fahed Al Fayez said Thursday; Fuel prices are expected to see a slight drop in the domestic market. The government’s pricing committee is set to review the prices of oil derivatives on Sunday night, a procedure taken on a monthly basis after the government lifted fuel subsidies on November 14, 2012. Basing his expectations on the average price of Brent Crude Oil on the international market during August, Fayez told The Jordan Times over the phone that the average drop in prices was nearly $3.5 this month compared to July. The Brent price ranged between $102 and $103 per barrel in August, while in July it was around $107. The prices of oil derivatives globally also dropped slightly this month, Fayez said, indicating that the government committee bases its update on the prices of Brent crude and ready fuel products.

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Monday, September 1- 2014 @ 9:27 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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