| 30 May 2024, Thursday |

Oil importing companies will start distributing fuel to stations on Thursday morning

An-Nahar, citing a source familiar with the fuel distribution file revealed that the importing companies will start distributing fuel in Lebanese pounds starting from tomorrow morning, Thursday, after the Central Bank agreed to extend securing 85 percent of the gasoline price according to “Sayrafa’s” platform for a period of two months, which means that the crisis will be resolved.

The Syndicate of Gas Station Owners affirmed that “in light of the developments that occurred today in fuel prices, which prompted many oil importing companies to sell gasoline exclusively in fresh dollars, it is important for us as a syndicate to clarify that we are unable to buy gasoline in dollars and sell it in Lebanese pounds. This is due to many reasons mainly because the pricing schedule which is issued in Lebanese pounds does not take into account the stations’ costs and does not preserve our right to obtain the royalty mentioned in the schedule in the event that we receive it in dollars.”

The union said in a statement that “it is illogical to buy with fresh dollars and sell in Lebanese pounds in light of the raise in the dollar exchange rate. If we assume that we exchange our money in banks according to Sayrafa’s rate, some banks are withholding 10% of our money, and freezing  it in accounts in Lebanese pounds every time the exchange process takes place. This means that after several exchanges, the entire capital of the station will be seized in banks. Other banks impose commissions on the exchange at a rate of 3 percent or more, which today is approximately 12,500 pounds on every 20 liters of petrol, which we cannot afford.”

  • An-Nahar