8 Key Factors Driving Up Gasoline and Diesel Prices: Expert

Energy expert Hashim Aqel has identified eight key factors driving up gasoline and diesel prices. According to him, higher global crude oil prices are a main component of these costs. However, refined petroleum products can increase more sharply due to shortages in refined products, higher transportation and insurance costs, demand, and refining margins.

Jordan is a net importer of oil, gasoline, diesel, and gas, all of which are globally priced commodities. Other costs have risen due to geopolitical tensions, supply shortages, reduced refining capacity, and higher refining margins.

Aqel pointed out that higher prices for petroleum products are driven by several key factors, including global crude oil prices, geopolitical tensions, higher refined product prices, shipping and insurance costs, declining global inventories, the US dollar exchange rate, seasonal demand, and refining margins. He also mentioned that 9 million barrels per day of refined petroleum product exports from the Gulf and Russia are currently missing from global markets.