A service station in the Sodeco district, in Beirut. (Credit: PHB)
Amidst concerns of rising costs due to the ongoing conflict in Gaza, fuel prices saw an unexpected drop on Friday morning, the Ministry of Energy and Water has reported. Contrary to fears from the import and distribution sector that fuel prices would soar — fueled by increasing hydrocarbon prices and maritime transport companies demanding higher risk premiums — the opposite has occurred.
Our analysis shows that since Oct. 6, gasoline and diesel prices have decreased by about 15 percent both in Lebanese pounds and US dollars, while the domestic gas price decline has been more modest at 3 percent over the same period. Currently, the international market price for crude oil is hovering between $70 and $75 per barrel.
The newly published fuel prices are as follows:
- 95 octane gasoline (20 liters): 1,505,000 Lebanese pounds (down by 24,000 LP from Tuesday).
- 98 octane gasoline (20 liters): 1,544,000 LP (down by 25,000 LP).
- Diesel (20 liters for vehicles): 1,498,000 LP (down by 23,000 LP).
- Household gas cylinder: 939,000 LP (unchanged).