BEIRUT - The Energy Ministry on Friday updated fuel prices for the second time in a week.
Here’s what we know:
• The new rates have increased the price of 20 liters of 95-octane gasoline by LL400, setting it at LL309,000, while the price of 20 liters of 98-octane gasoline, which has been scarce in the Lebanese market, have increased by LL600 to reach LL318,000. The new price of diesel is set at LL320,400, a LL4,200 increase from the previous price of LL316,200. Cooking gas cylinders are currently priced at LL275,000 after an increase of LL3,300.
• Gas station owners’ syndicate spokesperson George Brax had predicted last week that new fuel and gas prices would be announced with greater frequency due to fluctuations in the lira’s exchange rate on the parallel market.
• Weekly updates to the rates at which fuel and gas are sold are typically released by the Energy Ministry on Wednesdays. On Nov. 10 Lebanon’s central bank announced that fuel importers would need to cover 10 percent of fuel costs at the parallel market exchange rate, currently around LL23,000, while the rest would be covered at a fixed rate of LL19,000.