FINANCIAL NEWS

Jordan- Cabinet raises gasoline, electricity prices

27 May 2012

(MENAFN) Jordan’s cabinet announced that the move to raise prices of gasoline and electricity for key mining companies will take effect after midnight, reported Reuters.

The cabinet said that prices of premium petrol will jump by around 20 percent, reaching USD1.40 from USD1.11, whereas electricity taxes on major industrial and service sectors, such as banks and hotels, were also increased significantly.

It added that the move was taken to reduce the country’s budget gap, and prevent it from growing to USD4 billion in 2012.

It is worth noting that in 2011, Jordan’s energy bill reached USD4.5 billion, following the disruption of Egyptian gas imports, which represent 80 percent of the kingdom’s electricity generation.

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