Fuel prices in Jordan to see decline in June, sharpest since 2023
Date
5/27/2024 4:03:30 AM
(MENAFN) fuel prices in Jordan are anticipated to experience a significant decline, marking the largest decrease since the previous year as reported by energy expert Amer Al-Shoubaki. Predictions suggest that the prices of 90 and 95 octane gasoline could drop to approximately 4.5 to 5 piasters per liter. Additionally, diesel prices are expected to decrease by around four piasters per liter, based on Al-Shoubaki's forecasts.
Al-Shoubaki emphasized that the anticipated reduction in fuel prices carries positive implications for both citizens and various economic sectors. It signifies a potential alleviation of financial burdens on individuals and a reduction in operational expenses for companies and economic entities. Moreover, such a decline is expected to contribute to a decrease in inflation rates within the country.
The announcement of the price cut is expected to be made by the government on the upcoming Friday. Furthermore, it is anticipated that the prices of kerosene and standard gas cylinders will remain unchanged during this adjustment period.
The decline in global oil prices has been ongoing for four consecutive weeks, with the cost per barrel reaching its lowest level since February 7. This trend follows speculations regarding potential interest rate cuts by the US Federal Reserve, which are presently at their highest levels in two decades. High interest rates typically lead to increased borrowing costs, slower economic activity, and a subsequent decrease in oil demand. These factors contribute to the downward pressure on oil prices observed in recent weeks.
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