Massive slashes in Gas prices expected in June in Jordan

Economy

Published: 2024-05-26 20:45

Last Updated: 2024-06-18 13:35


Gas pump. (Illustrative photo)
Gas pump. (Illustrative photo)

Energy expert Amer Al-Shoubaki, in statements to “Roya”, stated that fuel prices in Jordan are expected to witness the largest decrease since last year – reaching 4.5 to 5 piasters per liter for 90 and 95 octane gasoline.

The price of diesel will also decrease by about four piasters per litre, according to Al-Shoubaki’s forecasts.

He emphasized that the decrease in fuel prices is a positive sign for citizens and economic sectors, meaning less burdens on citizens and reduced operating costs for companies and economic sectors, as well as a decline in inflation.

The government is expected to announce the price cut next Friday, and it is also expected that the price of kerosene and the standard gas cylinders will remain fixed.

Global oil prices have suffered losses for four consecutive weeks, with the price per barrel falling to its lowest level since February 7, after expectations that the US Federal Reserve will cut interest rates, as they are currently the highest in 20 years.

The current interest rates increase the cost of borrowing, slow economic activity, and reduce demand for oil.