Lebanon's petrol prices plummet
Gasoline prices fell by LL700 Wednesday, marking the first sharp decline in months after the price of the fuel reached LL40,000 in late April.
The 98-octane graded fuel now costs LL39,100, down LL700, while the 95-octane graded fuel is now sold at LL38,400, also down LL700, according to the weekly price schedule released by the Energy Ministry. The price of diesel also declined and is now sold at LL28,700. The price of kerosene gas and fuel oil are LL30,700 and LL28,600 respectively.
All prices are per 20 liters of fuel. As a result of the high prices of fuel, the General Labor Confederation announced last week a general strike for May 3, demanding an end to additional fees and taxes on fuel oil and for the government to cap gasoline prices at LL25,000 and diesel at LL20,000.
The strike will include public and private institutions across the country and workers at Rafik Hariri International Airport. The public transportation sector carried out a general strike last week in protest of the high rise in gasoline prices.
Government officials including Prime Minister Najib Mikati have said that the rise in local fuel prices is due to the rise in international oil prices and that there is little room for action.
- Gulfnet collaborates on global cybersecurity platform
- Middle East poised to become an industry leader in 3D printing
- UAE Space Agency, Lockheed Martin ‘blast off’ with professional training program
- Show me the money: Lebanon addresses bank transfer delay problems
- Kuwait to receive French helicopters in $1.1B deal