Fuel prices expected to drop Thursday
Gas stations decreased orders on fuel products Sunday by nearly 50 percent in one day because of the declining demand on products by citizens amidst expectations that fuel prices will drop in the new pricing announced next Thursday, Al Rai Daily reported.
The drop in fuel prices is related to the drop of fuel prices in the international markets. Sources in the sector expect fuel product prices to drop around 4-5 percent.
In the past month, oil prices dropped to $73.13 per barrel, compared to $73.21 in the period between mid December to mind January.
Head of the Fuel Stations Owners and Gas Distributors' Association, Fahad Fayez, expected further decline in demand on fuel products in the upcoming days in anticipation of further price drops in the monthly pricing that will be announced on Thursday, Al Rai reported.
Al Fayez stressed that fuel stations did not decrease orders on fuel products to avoid losses, since the mechanism adopted by the Ministry of Energy, Oil Refinery, and Fuel Stations Owners' Association stipulates compensating fuel station owners for the price difference for two previous days if fuel prices drop.