Ammon News - The Ministry of Energy and Mineral Resources' oil derivatives pricing committee Saturday announced that fuel prices for the month of May will go up about 4.6 per cent amid rising global petroleum prices.

It said 90-octane gasoline price will go up JD0.035 to JD0.885 per litre, instead of JD0.850, and 95-octane gasoline will be raised JD0.035 to JD1.120 per litre, instead of JD1.085. Diesel and kerosene prices will also go up JD0.035 per litre to JD0.650, instead of JD0.615.

However, the price of a cooking gas cylinder was fixed at JD7.00.

The committee pointed out that the increase has been limited since the government fixed prices several months ago, given the actual rise in global market prices.

Current local prices of gasoline, diesel and kerosene are based on Brent crude average price of $74 per barrel, while average global price during the month of April soared to about $104.4, it said.

Added to that is the rise in import costs due to high shipping rates and supply shortages, which means a large gap in the local and global prices, said the committee, noting that the cost of fixing fuel prices since the beginning of the year until the end of April is estimated at about JD170 million.