The new fuel pricing mechanism was adopted today, as 20% of the value of fuel prices began to be secured through “Sayrafa”, provided that companies and stations secure 80% through the black market.
The representative of fuel distributors, Fadi Abu Shakra, confirmed to “Lebanon Debate” that “the distributors and station owners have started paying 805 dollars in cash to the imported companies, and 20% was secured through the exchange at a price of 27,600 LBP.”
The member of the Syndicate of Gas Station Owners, George Al-Baraks, explained in a statement that “the Lebanese Central Bank is walking towards lifting subsidies on the imported fuel by securing part of the bill according to “Sayrafa” rate, provided that the importing companies secure the remaining part of the black market rate.”
So far, the equation was 40% according to “Sayrafa” and 60% unsubsidized. However, in the fuel price installation schedule issued today, the Central Bank has reduced the “Sayrafa” ratio from 40% to 20%, and the unsubsidized ratio increased to 80%.
It is clear that Central Bank (BDL) has only one last stage left to completely stop securing the dollar through “Sayrafa” to reach the equivalent of zero exchange and 100% unsupported black market.