Fuel prices could rise — energy expert

AMMAN — Energy expert Hashim Akel expected the price of oil derivatives to rise locally due to a hike in prices globally according to Al-Rai.

The price of Brent crude per barrel reached $87, marking an increase of 11 percent, compared to the beginning of the year price.اضافة اعلان

Akel said he expected that the price of octane 90 and 95 fuel would likely increase by 20 fils and diesel by 25 fils. He attributed the global rise in prices to increased demand and shortage of supply due the inability of some OPEC countries to meet their quotas as a result of weak investments and maintenance, as well as a decline in Libya’s production due to security and political instability.

One of the factors that led to an increase in oil demand, according to Akel, is Europe’s shift from gas consumption to oil as a cheaper alternative.

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