| 28 February 2024, Wednesday |

Brax explains reasons behind increase in fuel prices

Member of Gas Station Owners’ Syndicate, George Brax, indicated that “the reflection of the rise in oil prices in global markets as a result of the Russian-Ukrainian crisis, and the price of a barrel of oil exceeding $116, led to a rise in fuel prices in Lebanon in light of the stability of the dollar exchange rates.”
Brax added, “Banque du Liban kept the exchange rate of the dollar secured by it, according to “Sayrafa”, to import 85 percent of gasoline at 20,200 pounds. And the dollar exchange rate approved in the table for importing 15 percent of gasoline, calculated according to the prices of parallel markets, which importing companies and stations must secure in cash remained 20,703 pounds, but the rise in global oil prices led to an increase in the price of imported goods on today’s schedule. The price of a kiloliter of gasoline rose by 61.47 dollars, while diesel oil rose by 97 dollars.

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