Brax partially attributes fuel price increases to reduced BDL lira-to-dollar exchange rate for import subsidies

BEIRUT — Fuel prices in Lebanon increased Tuesday morning due to the rise in fuel prices on the global market and Banque du Liban’s reduction of the lira-to-dollar exchange rate for fuel import subsidies, said George Brax, a member of the Syndicate of Gas Station Owners.

Here’s what we know:

    • Brax explained that “Banque du Liban reduced the exchange rate of the dollar it offers importers to pay for 85 percent of gasoline purchases from LL21,500 to LL20,800.

    • He added that the lira-to-dollar exchange rate adopted in the price installation table to import 15 percent of gasoline on parallel market prices, which importing companies and gas stations must provide in cash, decreased from LL21,589 to LL21,337 lira.

    • Explaining the further increase in fuel prices, Brax pointed out that “a kiloliter of gasoline rose by $24.41 and diesel kiloliter by $27 on today's [global market] schedule.”