| 26 February 2024, Monday |

Lebanon facing gasoline problem during the elections?

The representative of fuel distributors, Fadi Abu Shakra, said that “the reason for the increase in fuel prices today is the increase in the price of a barrel of oil from 104 dollars to 111 dollars, in addition to the increase in the exchange rate from 26500 to 26900.”

In an interview with him, he hoped that “the banks and the Banque du Liban will facilitate import transactions on an exchange platform so that gasoline remains available in the markets, especially during the parliamentary elections in order to avoid any problems in securing this substance.”

George Al-Barraks, a member of the Syndicate of Gas Station Owners, attributed the reasons for the rise in oil in a statement to “the two projects of boycotting the purchase of oil from Russia and preventing European ships from transporting Russian oil derivatives, which are being discussed between the European Union countries, in addition to the US Energy Agency’s announcement of a decline in strategic oil stocks.” With more than 1.8 million barrels, and a drop in stocks of oil derivatives, especially diesel, led to a jump in global oil prices, so that the Brent price touched 112 US dollars for fear of increasing pressure on the quantities available in other markets, as European countries will seek alternative sources in light of the persistence of an organization OPEC and its allies in OPEC + not to increase production in a way that comforts the markets and lowers prices.”

He added: “The rise in prices globally and the stability of the dollar exchange rate according to the exchange platform, which insures 100% of the import bill of gasoline at 22,600 pounds, has resulted in an increase in fuel prices in Lebanon. Today, a new schedule was issued, in which the canister of gasoline increased by 10,000 pounds, diesel fuel 18,000 pounds, gas 1,000 pounds, and an increase of nearly $20 over a kiloliter of gasoline, and $36 on the imported kiloliter of diesel.”

He concluded, “The quarantine in Shanghai and other Chinese cities due to the Corona virus, is still limiting the rise in global oil prices.”

  • Sawt Beirut International