Fuel prices in Lebanon have slightly dwindled on Thursday as the price of 95 octane gasoline dropped by 300 to 39,400 Lebanese pounds and that of 98 octane gasoline dropped by 200 to 40,700 LBP.

The price of diesel oil decreased by 700 to 27,300 LBP and that of one gas cylinder dropped by 900 to 26,900 LBP.

Last week, the Lebanese Ministry of Energy issued a table on fuel prices which showed another spike in gasoline and gas prices as the country hurtles towards total financial meltdown.

Long queues formed at Lebanon’s fuel stations as citizens rushed to fill their cars with gasoline amid expectations that fuel prices will surge.

Overcrowding and heavy traffic jam was reported on Tuesday, March 23, in front of fuel stations in the northern city of Tripoli and elsewhere in the country.

This comes as several stations locked their doors and abstained from providing gasoline and diesel on concerns that fuel prices will increase, which will inflict heavy losses upon them.

Representative of fuel distributors in Lebanon, Fadi Abou Chakra, on Thursday told the National News Agency that the drop in fuel prices across Lebanon was caused by a global drop in oil prices.

“We will witness an additional drop next week,” he added, hoping that this will be accompanied by a decrease in the USD exchange rate against the Lebanese pound, as well as a new government.