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bj

Will Fuel Be Priced in Dollars?

12 May 2023 at 11:36 Last modified on 17 May, 2023 at 21:21

In the next few hours, Lebanon’s Caretaker Energy Minister Walid Fayad is expected to decide whether fuel prices would be in US Dollars or only in LBP.

Spokesperson for the Gas Stations Owners’ Syndicate Georges Brax said May 11 that “prices would be the same, be it in US Dollars or LBP, but the main purpose of them being in US dollars is to facilitate transactions, especially considering that fuel prices are always quoted in US dollars.”

He explained that “having fuel pump counters in both US dollars and LBP is aimed at facilitating transactions all the while ensuring that workers do not steal from citizens.”

“We are waiting for the Minister of Energy’s decision regarding pricing in dollars in the coming hours,” he added.

Of note, fuel prices in Lebanon slightly decreased in the morning of May 12 as per the index of prices issued by the Ministry of Energy.

A decrease of 24.000 LBP has been registered for 20 Liters of 95 and 98-Octane Fuel, with a decrease of 22.000 LBP for 20 Liters of Diesel and 41.000 LBP for Gaz Cylinders.

The new prices are as follows:

95-Octane Fuel: 1.635.000 LBP

98-Octane Fuel: 1.677.000 LBP

Diesel: 1.399.000 LBP

Gaz Cylinder: 913.000 LBP