After a minimal increase recorded on Monday, gasoline prices continued with a drop of 11,000 Lebanese pounds per 20-litre can yesterday, according to the new tariff published by the Ministry of Energy and Water. The price of fuel oil and gas cylinders have not been changed.
Following this drop, 20-litre cans of 95 and 98 octane gasoline cost 581,000 Lebanese pounds and 593,000 pounds respectively. The 20 liters of diesel, used by the vehicles, as well as the domestic gas cylinder, still sell for 649,000 pounds and 314,000 pounds respectively.
Contacted, the spokesman for the union of service station owners, Georges Brax, indicated that this drop is due to that of the world price of a barrel of oil. The barrel of American West Texas Intermediate (WTI) for delivery in September concluded on Monday down 4.70% to 93.89 dollars. The barrel of Brent from the North Sea went back below the symbolic bar of 100 dollars in session on Monday, lost 3.78% to end at 100.03 dollars. Oil prices also continued to fall yesterday following the publication of disappointing manufacturing data in the world raising fears for demand for crude oil, the day before a meeting of OPEC + (the Organization of Exporting Countries petroleum and its allies) with an uncertain outcome.
Usually, the Lebanese minister publishes the new fuel prices on Tuesdays and Fridays, but did not modify those of gas and fuel oil. When contacted, the ministry invoked the fact that the Banque du Liban still subsidizes gasoline imports from its foreign currency reserves to explain this difference. Since last week, the foreign exchange supply ratio from the BDL, which was 100% at the Sayrafa rate since last March, has risen to 85%.
After a minimal increase recorded on Monday, gasoline prices continued with a drop of 11,000 Lebanese pounds per 20-litre can yesterday, according to the new tariff published by the Ministry of Energy and Water. The price of fuel oil and gas cylinders have not been changed. Following this drop, 20-litre cans of gasoline at 95 and 98 octane…
