Fuel prices in Lebanon register second increase this week

The latest table issued by the Ministry of Energy and Water saw fuel prices in Lebanon increasing for the second time this week: 95 octane gasoline now costs LBP 323,200, 98 octane gasoline at LBP 334,400, diesel oil at LBP 357,600, and a gas canister at LBP 312,100.

The price of 95 octane fuel increased by LBP 4,400, 98 octane by LBP 4,600, diesel by LBP 18,700, and gas by LBP 18,600.

George Brax, a member of the Syndicate of Petrol Station Owners in Lebanon, said on Tuesday that the increasing fuel prices resulted from the crumbling local currency and the rise of the US dollar exchange rate.

The Lebanese lira hit a record low of LBP 29,000 per 1 US dollar in Lebanon’s parallel markets on Tuesday evening, which led to a spike in gas prices the following day as station owners depend on the exchange rate to import fuel.

A canister of gas costs roughly 50 percent of the monthly minimum wage in Lebanon (LBP 675,000), which used to equate to $450 but is now valued at $34.