| 23 February 2024, Friday |

Why did fuel prices rise today?

The member of the Gas Station Owners Syndicate George Brax said that the “rise in fuel prices today is due to the increase in global oil prices as a result of the Russia’s invasion on Ukrainian, accompanied with a slight drop in the dollar exchange rates in the Lebanese market, which are approved for issuing the schedule.”

Brax explained in a statement that “the Central Bank of Lebanon reduced the exchange rate of the dollar secured by it to import 85% of gasoline from 20,300 to 20,200 LBP. The exchange rate of the dollar approved in the pricing table for importing 15% of gasoline is calculated according to the prices of parallel markets. While the cash, that the importing companies and stations must secure, dropped from 20,862 to 20,707 LBP.”

“The rise in global oil prices was reflected a rise in the price of imported fuel on today’s schedule. The price of a kiloliter of gasoline rose by $21.20, and diesel oil by $14.

  • NNA