The government on Monday decided to lower the prices of gasoline, kerosene, diesel and electricity, while maintaining the price of gas cylinders for January.
The government’s decision, which goes into effect on January 1, was taken in accordance with recommendations by the Energy Ministry’s Fuel Pricing Committee, which convened on Monday, according to a ministry statement.
The Energy and Minerals Regulatory Commission Council on Monday also lowered the amount customers pay for the “differences in fuel prices” category on monthly electricity bills, according to a commission statement.
President of the council Farouq Hiyari said that the new price would be 12 fils per kilowatt, instead of 18 fils, marking a 33 per cent decrease.
Kerosene and diesel will be sold at JD0.560 per litre, down from JD0.605, marking an 8.04 per cent decline.
The cost of 1 litre of unleaded 90-octane gasoline will decrease by 7.91 per cent, and be sold at JD0.695, down from JD0.750. A litre of unleaded 95-octane gasoline will sell for JD0.905, down from JD0.965, marking a 6.63 per cent drop.
A government committee meets monthly to adjust fuel prices to correspond with changes in oil prices in the international market.
The committee noted that the price of gas cylinders will remain unchanged at JD7, despite the fact that their international price stood at JD7.74.
Prices of oil derivatives in the local market are calculated based on international prices, with the addition of other costs such as shipping, handling and taxes.
The committee said that it referred to international oil prices, which showed that the cost of a barrel of crude Brent oil in December stood at $57.39, compared with $65.4 in November.
All derivatives are subject to a JD0.006 stamp fee, in addition to other fixed fees related to transport, storage and insurance.
The “differences in fuel prices” category excludes households that consume 300 kilowatt-hours (kWh) or less per month. Under the category, industrial facilities that are classified as middle-sized facilities pay 10 fils for each kWh, the commission statement said.
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