© Reuters. The drop in fuel prices in Lebanon, after saving the dollar at the exchange rate
Walid Fayyad, energy and water minister in Lebanon’s interim government, said the drop in fuel prices in the country today was the result of the Bank of Lebanon fixing an exchange rate of £38,000, according to a platform banking for businesses and citizens, instead of the price circulating in the informal market, which amounted to 46,700 pounds per dollar.
Fayyad added – in a statement on Wednesday – that today’s fuel price list has seen a significant decrease in the price of petroleum derivatives, and financial savings are expected to be achieved for all the Lebanese people.
He explained that the success of this initiative is entirely linked to the commitment of the Banque du Liban on the one hand, and of the banks on the other, to implement the measure in terms of guaranteeing dollars for companies and individuals at an exchange rate which is significantly lower than the market rate.
The Ministry of Energy praised the positive impact of this measure on the Lebanese people in terms of decreasing fuel prices, emphasizing that it has nothing to do with determining the exchange rate charged by station managers and distributors fuel, as it is related to the monetary policy of the Banque du Liban and the adherence of banks to its implementation.
Today, fuel prices experienced an unprecedented decline as the price of 95-octane gasoline fell 137,000 pounds, 98-octane gasoline fell 141,000 pounds, diesel fuel fell 152,000 pounds and natural gas dropped 90,000 pounds.
The price of a 20-litre can of 95-octane petrol is £629,000, 98-octane petrol is £646,000 and diesel is 700,000 Lebanese pounds, while the price of a gas pipe has reached £413,000.
