Soldiers roll away a flaming tire after protests over the economic crisis outside the central bank branch in northern Lebanon in June 2020. (Credit: Fathi Al-Masri/AFP)
BEIRUT — Banque du Liban decided Wednesday to secure 15 percent of the US dollars paid to import gasoline at the parallel market rate, and 85 percent at the Banque du Liban’s Sayrafa rate, which as of Wednesday stands at LL29,600 and LL25,600, respectively, Georges Brax, spokesman for the Union of Gas Station Owners, told L’Orient Today.
Here’s what we know:
• BDL just backpedaled on a decision taken in March to increase the ratio of US dollars obtainable at BDL's Sayrafa rate from 85 percent to 100 percent to purchase gasoline.
• Affected by this decision, prices of 20 liters of 95 and 98-octane gasoline increased Wednesday by LL14,000 reaching LL605,000 and LL617,000, respectively.
• Diesel and household gas have been purchased at the black market rate. Twenty liters of diesel stood today at LL647,000 while a household gas cylinder was priced at LL311,000.
• In one year, the price of 20 liters of 95-octane gasoline has increased by 1,489 percent, according to the Lebanese research center Information International. A figure that reflects the scale of the unprecedented crisis that Lebanon has been undergoing since 2019, almost wiping out the purchasing power of many citizens and disrupting their livelihoods.
• As for the general inflation rate, consumer prices in Lebanon increased 210.08 percent from June 2021 to June 2022, according to the latest report on consumer prices issued by the Central Administration of Statistics.
• Rising prices for water, electricity, gas, and fuel were the biggest reason for the jump in inflation in June; the price of these utilities was up 19.31 percent from the month before, and 594.46 percent from June last year.