Friday, 03 December 2021 10:39 GMT

Jordan ranks 2nd highest in Arab region for price of gasoline octane-95


(MENAFN- Jordan Times) AMMAN — Jordan ranks the second highest countryin the Arab region and 46th globally when it comes to the prices of gasoline octane-95, a type of premium gasoline, according to Global Petrol Prices index, issued on October 11.

Global Petrol Prices index is a global tracker for the retail prices of petrol in 150 countries around the world, according to its website.

All countries have access to the same petroleum prices in international markets, but some countries impose different taxes. As a result, the retail price of gasoline is different in each country, according to Global Petrol Prices.

The average price of gasoline around the world is $1.21 per litre, but for Jordan, the price is $1.495 per litre, according to Global Petrol Prices.

Yemen tops the Arab region in gasoline prices, Jordan ranks second and Lebanon third, according to the index.

Globally, Hong Kong ranks first, the Netherlands second and Norway third, according to the index.

“The prices of fuel derivatives in Jordan are calculated based on shipping and logistics cost, local selling prices and international selling prices for 30 days ahead of the selling date at the Jordanian market, Mashhour Abu Eid, spokesperson for the Ministry of Energy and Minerals, told The Jordan Times.

The fuel derivatives' prices see an increase or a decrease based on international fuel prices, he said.

Abu Eid noted that Jordan, like any other country, imposes taxes and subsidies on fuel derivatives' prices.

Fuel prices in Jordan are regulated by the Energy and Minerals Regulatory Commission, according to the Petroleum Derivatives Pricing Law 22 of 2019, Abu Eid added.

“Privately owned companies now have the option to either import fuel derivatives or buy from the Jordanian Petroleum Refinery, according to the new law,” Abu Eid added. 

Mansour Hadidi, an electric cars retailor, said that as fuel prices are increasing, electric cars are becoming widely popular among Jordanians.

“Electric cars prove to be friendlier in terms of saving money and the environment as well,” Hadidi added.

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