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FUEL PRICES

George Brax says gas station owners lose money on each sale due to exchange rate discrepancy, urges government to update price schedule

George Brax says gas station owners lose money on each sale due to exchange rate discrepancy, urges government to update price schedule

George Brax, a spokesperson for the gas station owners' syndicate, said that the government must update its price schedule "in order for gasoline crises and humiliating scenes not to return." (Credit: João Sousa/L'Orient Today)

BEIRUT— George Brax, a spokesperson for the gas station owners' syndicate, said in a statement that “the owners of the stations lose LL2500 for each gasoline tank due to the difference in the exchange rate between the dollar they buy from the markets [set at LL30,000] and that calculated in the current [government] price installation table,” set at LL28,800 for selling fuel, the NNA reports. He pointed out that “the lack of a new price schedule today increases this loss.”

Here’s what we know:

    • “When the authority wants to oblige stations to sell fuel at a specified price in Lebanese lira, it has to secure them with dollars for import,” he said.

    • Brax added that “in order for gasoline crises and humiliating scenes not to return, the sale of fuel to stations must be secured in lira only so that they can deliver it to the consumer in the same currency, and Banque du Liban must secure the dollars for imports. This is how we get stability in the hydrocarbon markets or we are going to have confusion and problems.”

    • This week fuel prices saw a sharp increase. The price of 20 liters of 95-octane and 98-octane gas rose by LL15,600 to LL351,400 and LL363,400 respectively. Diesel increased by LL24,200 to reach LL360,400. The price of a tank of household gas rose by LL20,700 and now costs LL319,300.

BEIRUT— George Brax, a spokesperson for the gas station owners' syndicate, said in a statement that “the owners of the stations lose LL2500 for each gasoline tank due to the difference in the exchange rate between the dollar they buy from the markets [set at LL30,000] and that calculated in the current [government] price installation table,” set at LL28,800 for selling fuel, the NNA...