Lebanon Just Recorded A Major Increase In Fuel Prices

The Remaining Fuel Stock In Lebanese Gas Stations Is Said To Last Only Until Tomorrow
Mohamed Azakir

The prices of fuel just increased on Tuesday, recording an increase of 14,000 LBP for the price of both 95 octane fuel and 98 octane fuel, and the price of diesel oil increased by 30,000 LBP.

The new prices are as follows:     

  • Gasoline 95 octane: 431,000 LBP
  • Gasoline 98 octane: 441,000 LBP
  • Diesel Oil: 455,000 LBP
  • Gas Canister: 297,000 LBP

At the release of the new fuel prices, George Brax of the syndicate of the gas station owners pointed out that “the rise in fuel prices globally and the rise in the exchange rate in the Lebanese markets led to higher fuel prices.”

He explained that Lebanon’s Central Bank (BDL) raising the exchange rate from 20,900 LBP to 21,500 LBP to import 85% of gasoline has helped the importers to import 15% of gasoline according to the prices on the black markets.

“This rise in oil prices globally has translated into determining the price of imported gasoline in today’s schedule, an increase of $3.67 over the price of kiloliters of gasoline and $34 on gasoline,” Brax noted.

Lebanon had also seen new annual inflation rates of 214.59% in February, as consumer prices fell by 3.13%, and recorded the following:

  • Transportation prices increased by 510%
  • Health prices grew by 413%
  • Food and beverages surged by 396%

Local and international conflicts are affecting the Lebanese economy, including Lebanon’s inability to initiate needed reforms to acquire western funding, and the Russian-Ukrainian war.