Likely Fuel Hike in October as Oil Prices Increase Over 4%

تم نشره في Wed 20 September / Sep 2017. 11:00 PM - آخر تعديل في Thu 21 September / Sep 2017. 06:42 PM
  • A motorist holds a fuel pump at a Gulf petrol station in London in this April 18, 2006 - (Reuters)

AMMAN —AlGhad— Oil experts estimate the increase in oil prices globally has exceeded 4 per cent since the beginning of September, and therefore anticipate an increase in the local fuel price offering accordingly.

Due to the decline in US production of oil, caused by the hurricanes which have damaged numerous oil facilities and derricks, supply has decreased, driving prices up.

Oil expert Fahed Fayez expects the increase in October to be similar to the earlier hike ratified by Cabinet in September.

He also said that the increase will most probably include the types of Octane fuels, as they are the highest in demand, compared to other fuels and oil derivatives.

In August, the average input cost of crude oil for Jordan hovered around USD51.54 per barrel, compared to USD48.40 in July.

Other countries in the region have pushed price ups by nearly 3 per cent in the last few days, given the sudden dent in the global supply of oil, Fayez explained.

According also to the gas stations owners association, the increase in fuel costs have touched on nearly 5 per cent since the beginning of the month. A lot can change in the remaining 10 pricing sessions.

Globally, a most recent Reuters report places Brent at USD55.79 per barrel, up USD0.31, almost at a 5-month high.

West Texas intermediate has also increased by USD0.44 on the barrel, settling at USD50.35, according to Reuters.