Rise in Lebanon remains 'lower than global increase,' Saddi says

BEIRUT — Energy and Water Minister Joe Saddi said Tuesday that the rise in fuel prices in Lebanon remains "lower than the global increase, with a 24% difference for diesel." He made these remarks during a press conference at the ministry focused on fuel pricing, and on oil imports from Iraq and electricity from Syria.

"The war has led to higher transportation costs," the minister explained, emphasizing that the increase in the price of a gasoline can on the local market is lower than the global rise and that during the war, "the government managed to prevent the reappearance of queues and the black market."

He noted that "fuel prices are set based on customs duties and the average price of gasoline and diesel, not the price of crude oil."

The war between Iran and the United States and the closure of the Strait of Hormuz have led to a rise in fuel prices internationally. Lebanon has already experienced episodes of gasoline shortages due to the economic crisis, particularly in 2022, with endless queues at gas stations. At the time, many Lebanese resorted to the black market to obtain gasoline.