Amman, Price ceilings for fuel derivatives included in the executive program of Economic Modernization Vision (EMV) for 2023-2025 “will not be permanent nor fixed and will be linked to multiple variables that are still under study,” Member of Commissioner Board of Energy and Minerals Regulatory Commission (EMRC), Wafa’a Bakhit, said.
EMRC will set price ceilings on a monthly basis, which requires issuance of a related bylaw, mechanisms and standards for monitoring the process, Bakhit added.
According to EMRC’s website, Bakhit noted shift to price ceilings mechanism seeks to activate competitiveness in the markets, which ultimately serves interest of the Jordanian citizen within the sustainable resources policy aimed to improve use and sustainability of Jordan’s natural resources.
The vision’s executive program featured 13 initiatives and 54 priorities at a total cost of JD688 million, of which JD202 million will allocated in 2023, for the energy sector aimed to implementing the financial sustainability plan for the electricity sector and launching a roadmap for hydrogen use and production and related legislation.
In addition, the program seeks to install solar cell systems for municipalities, launch fuel pricing ceiling mechanism, supply industrial estates with natural gas, as well as a study to identify storage options for renewable electric energy and implementation of regional power interconnection projects.
Source: Jordan News Agency