New York Times Feed

Jordan, March 3, 2020
Energy ministry clarifies pricing mechanism for oil derivatives

Amman, March.2 (Petra) -- The Energy Ministry's Fuel Pricing Committee said the pricing of oil derivatives is based on the global price of the derivative itself and not on the price of a barrel of crude oil (Brent).

The committee clarifies the pricing mechanism for unleaded 90-octane gasoline in March 2019, and March 2020, for which a price comparison has been circulated.

Upon arriving in Aqaba, the price includes the global price of gasoline, plus all costs related to import, including maritime transport, insurance, and import-related risks, according to the committee.

Recent high costs was due to political conditions in the region and the change of instructions issued by the International Maritime Organization (IMO) related to changing the specifications of fuel used in marine transportation, which includes ships that transport oil derivatives, the committee explained.

petra