Jordan Freezes Fuel Prices Amid Global Energy Price Volatility

The Jordanian government has taken steps to mitigate the impact of rising global energy prices on its economy by freezing main petroleum product prices for August. According to economists and development experts, this decision aims to reduce transport, production, and manufacturing costs while supporting the stability of goods and services prices.

Fouad Kreeshan, Professor of Economics at the University of Jordan, stated that economic decisions during crises represent a real test of government priorities. He noted that the Fuel Pricing Committee's decision reflects an attempt to balance two core objectives: protecting citizens from the rising cost of living while maintaining fiscal stability.

The fuel prices for August were fixed at July levels, with Octane 90 Gasoline priced at 1,000 fils/liter, Octane 95 Gasoline at 1,310 fils/liter, and Diesel at 850 fils/liter. Additionally, the price of a household cooking gas cylinder (12.5 kg) was fixed at 7 JOD, with continued support for liquefied petroleum gas (LPG) allocated to the industrial sector valued at 1.25 million JOD.

Kreeshan highlighted the importance of accelerating renewable energy projects, diversifying energy sources, and establishing financial buffers to navigate global oil price fluctuations, ensuring continued protection for citizens without allowing the cost of this protection to become a constraint on the economy's future development goals.