AMMAN — A Royal Decree
issued on Wednesday approved an amended regulation for the pricing of oil
derivatives, the Jordan News Agency, Petra, reported.
اضافة اعلان
Previously, the
government priced oil derivatives locally according to the S&P Global Commodity Insights,
Platts, on the Singapore and Mediterranean stock exchange price. However,
companies were importing oil derivatives for cheaper from Gulf markets.
Under the amended regulation, Arab
Gulf markets will be added to the Singapore and the Mediterranean markets for
oil derivative imports, giving importing companies marketing flexibility. This
will allow them to get the lowest prices, according to Platts.
The S&P Global Commodity
Insights used to depend only on Singapore and Mediterranean markets before
amending the regulation.
Economist and expert in oil and
energy affairs Amer Al-Showbaki explained in a post on Facebook that the
amendment favors citizens, not companies.
“The government was pricing oil
derivatives locally, according to Platts on the Singapore stock exchange price,
while companies were importing from nearby Gulf markets at a
lower price, and
the difference was going in favor of companies. Now the pricing of Gulf markets
will be approved, and the difference, whether more or less, will be in the
citizen’s favor.”
“This step is late but is a
correct step, and we drew attention to it years ago,” he added.
Platts provides energy and
commodities information and is a source of benchmark price assessments in the
physical commodity markets.
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