| 25 May 2024, Saturday |

Why did the price of gasoline increased?

The Member of Gas Station Owners’ Syndicate, George Brax said that “despite the decline in the price of a barrel of oil globally, and in the value of imported fuel in US dollars, as well as the decline in the average price of gasoline approved in the schedule of gasoline prices, however, the price of a gasoline cannister rose 3,600 pounds due to the high exchange rate of the dollar in the Lebanese markets.

Brax explained that “the Central Bank of Lebanon adopted the exchange rate of 20,400 LBP per dollar, instead of 19,500 that was approved in the previous table.”

He added: “It is known that the Central Bank secures 90% of the value of gasoline import credits for importing companies. But we return to demand the Central Bank to secure the full value of these credits for importing gasoline in order to avoid any confusion in the distribution of this substance in the local markets. The central bank can be a regulator to stabilize its distribution to the consumer and a barrier to the return of crises.”