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Brax explains reasons behind increase of fuel prices

Lebanon Economy

14-12-2021 | 05:07

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Brax explains reasons behind increase of fuel prices

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Member of the Syndicate of Petrol Station Owners in Lebanon George Brax cited on Tuesday the rise of the US dollar exchange rate as the reason behind the increase of fuel prices.

He also pointed out that even though the price of imported fuel saw a drop (11.40 dollars for 1 L of gasoline and 17 dollar for fuel oil), the prices of 20L of gasoline rose an additional 10800 Lebanese pound after the Central Bank of Lebanon raised the exchange rate of the US dollars it provides for importing hydrocarbon derivatives (85% of the dollars) from 20400 Lebanese pounds to 21300 Lebanese pound.

Brax added that the dollar exchange rate for the rest of the dollars (15%) that gas station owners and importation companies have to provide, depends on the market rate that rose from 24 900 Lebanese pounds to 26 750 Lebanese pounds.

He explained how these rates are applied on the entire prices of fuel and imported gas, therefore the prices of petrol went up 17 800 Lebanese pounds and the price of one gas canister 13 700 Lebanese pounds.

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