Rise in Global Price Range of Oil Reflect Negatively on Jordan

AMMAN —AlGhad— Experts warn that the rise in the global price range of oil may reflect negatively on its oil and fuel prices domestically, as some call for the government to pre-emptively stock up ahead of the anticipated oil hikes.

Oil expert Fahed Fayez told AlGhad that global oil prices may soon touch on USD67, if the situation continues to escalate, unless the regional situation in the Middle East defuses.

Notably, the optimal price range of oil for Jordan is USD50, in terms of fuel sourcing.

There are still 20 days left till the end of the month, when the cabinet has to decide on the domestic price range of fuel and oil derivatives, Fayez underlined.

A lot can happen in the time between now and then, he added.

On the other hand, Samer Ersheidat, a financial analyst, said that the surge in prices is perfectly normal in light of the current events.

He also confirmed that Jordan’s susceptibility increases under such circumstances, especially in terms of fluctuating US markets indices.

Meanwhile, the Secretary General of the gas distribution stations owners association, Hashem Aqel, said that domestic prices have already been affected by the global surge.

Diesel prices have increased significantly since the beginning of the month, he said.

This is at a time when Saudi Arabia intends to lower its exports of oil to 120 thousand barrels a day, as of December this year.

In the meantime, exports to the United States are expected to decline by more than 10 per cent from November levels.

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