In less than five years, the price of a tank of gasoline in Lebanon increased from 18,000 pounds to 70,000 pounds, i.e. 52,000 pounds, and this is a catastrophic precedent that we never knew about.
Facing this reality, and in the absence of shared public transportation, the acquisition of a car and its exorbitant expenses, becomes a necessity and a need, not a luxury.
After the price of a tank of gasoline ranged between 22,000 and 25,000 pounds, between 2015 and 2020, according to the International Information Agency, it began to rise in 2021 as a result of the rise in international prices and the collapse of the dollar exchange rate.
At the end of June, the Bank of Lebanon decided to stop the subsidy and adopted a new mechanism based on the Central Bank lending the state the dollar to purchase oil derivatives at a price of 3900 pounds, which raised prices significantly from 45,000 pounds to 60,000 pounds, but the companies rejected this increase and considered that it doesn’t covers the costs and losses.
Therefore, the Ministry of Energy returned two days later and set a new price for 70,100 pounds, and this price is likely to rise since all prices continue to rise globally and exceed the current prices, which are 75 dollars per tank and reach 100 dollars.
According to the International Information Agency, in the event of the stability of global prices and the lifting of subsidies completely and the stability of the dollar exchange rate on the black market at 15,000, the price of the plate will reach 200,000 pounds.