An energy expert Hashem Aqel has projected that derivatives prices are set to increase in August due to the surge in global Brent crude prices.

Aqel told Roya that the government is expected to implement a price hike of 10 fils/liter for petrol 90, 15 fils/liter for petrol 95, and 25 fils/liter for diesel.

He emphasized that as winter approaches, the demand for oil typically rises, leading to global price hikes that are expected to continue until March of the following year.

Discussing the Iraqi-Jordanian oil pipeline project, Aqel underscored its significance for both countries, with the revenues returning to the Jordanian state. He mentioned that the pipeline's operation would allow Jordan to obtain approximately 250,000 barrels per day at no cost.

However, Aqel cautioned that Jordan cannot solely rely on Iraqi oil for various reasons, including the high transportation costs from Iraq to Jordan. Moreover, oil contracts are long-term futures contracts, which may not be guaranteed due to the current conditions in Iraq. As a result, countries often diversify their oil sources for imports.

The Ministry of Energy and Mineral Resources recently published the weekly bulletin of Brent crude oil prices and its derivatives, based on reference markets, for the third week of July 2023. In this report, the price of 90-octane gasoline rose to USD 807.7 per ton, compared to the previous week's average of USD 771.5. Meanwhile, 95-octane gasoline recorded a price of USD 861.5 per ton during the same period, compared to USD 825.9 in the second week of July.