Fuel prices 'likely to decrease' in August


Published: 2018-07-22 13:07

Last Updated: 2018-07-22 13:16

The price per barrel went down to $73 on Saturday. (Eadaily.com)
The price per barrel went down to $73 on Saturday. (Eadaily.com)

Every month, for the past few months, fuel prices have been on the rise. However, next month might be somewhat different.

Economist Hashem Aqel predicted that fuel prices in Jordan will “slightly decrease” in August.

Aqel’s predictions are based on international oil prices. He told Roya that last week the price of one oil barrel registered at $75.45, while on Saturday, the price per barrel went down to $73.

Aqel complained that the government should reconsider the way it prices fuels in the Kingdom, pointing out that they should not be priced according to Brent crude oil prices.

The economist explained that it takes oil tankers 12 nautical miles (22.2 km; 13.8 mi) to enter Jordanian waters from its original destination, and by the time it finishes emptying its load, the price of oil would have fluctuated again, and that should be the price considered by the government.