Government implements reductions in fuel prices
Date
10/1/2024 7:58:44 AM
(MENAFN) In a recent announcement, the government has implemented reductions in fuel prices, decreasing the costs of gasoline and diesel by percentages ranging from 2.6 percent to 5.7 percent. The adjustments do not affect the prices of kerosene and domestic gas, which remain stable.
According to the Ministry of energy and Mineral Resources, the price of 90-octane gasoline has dropped by 25 fils, bringing the new price to 860 fils per liter, down from last month’s 885 fils. Similarly, 95-octane gasoline saw a reduction of 30 fils, now priced at 1,095 fils per liter, a decrease of 2.6 percent from the previous month’s price of 1,125 fils. Diesel prices have also been cut significantly, falling by 40 fils to 655 fils per liter, which reflects a 5.7 percent reduction.
Despite these decreases, the government has chosen to keep kerosene prices unchanged at 620 fils per liter, while the price for domestic gas remains at 7 dinars per cylinder.
The Ministry stated that the Petroleum Derivatives Pricing Committee convened to review the global prices of crude oil and oil derivatives during September, comparing them with August's rates. This review indicated a decline in the prices of gasoline (both 90 and 95) and diesel, leading to the decision to adjust local prices accordingly.
It's important to note that the government continues to impose a fixed tax on oil derivatives. For instance, the tax on 95-octane gasoline is set at 575 fils per liter, while 90-octane gasoline incurs a lump sum tax of 370 fils per liter. Kerosene is also subject to a fixed tax of 165 fils per liter.
These price adjustments reflect the government's efforts to respond to fluctuating global oil market conditions while maintaining a structured tax system on fuel products.
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