A man fills his motorcycle tank. (Credit: João Sousa/L'Orient Today)
BEIRUT — Gasoline prices increased Monday after Banque du Liban yet again lowered the ratio at which it subsidizes fuel through its Sayrafa exchange platform.
Here’s what we know:
• The payment ratio for gasoline imports has gradually fallen in recent weeks. Until Monday, payments for imports were made by paying 40 percent at the subsidized Sayrafa rate (LL27,600 to the dollar) and the remainder at the parallel market rate (around LL34,000 LL to the dollar). As of today, those payments are only 20 percent subsidized.
• George Brax, a spokesperson for the Gas Station Owners’ Syndicate, said in a statement on Monday that he feared the subsidies would soon be removed completely. “It is clear that Banque du Liban has only one last stage left to permanently stop securing the dollar through its exchange platform.”
• The new fuel prices released on Monday are as follows: 20 liters of 95-octane gasoline increased by LL12,000, reaching LL628,000. Twenty liters of 98-octane gasoline increased by LL13,000, reaching LL643,000. Twenty liters of diesel now cost LL777,000, down LL2,000. A cylinder of household gas now costs LL341,000, down by LL2,000.