Lebanese taxis rejoice at gasoline price-cut of LL1,000
The price of gasoline continued falling Wednesday with the sharpest decline this year, LL1,000, while the prices of diesel and fuel oil declined by LL200 each.
The 98-octane graded fuel now costs LL38,100 and the 95-octane graded fuel is now sold at LL37,400, according to the weekly price schedule released by the Energy Ministry. The price of diesel also declined and is now sold at LL28,500. The price of kerosene gas and fuel oil are LL30,500 and LL28,400, respectively.
All prices are per 20 liters of fuel. Last month, gasoline prices registered record highs, reaching LL40,000 for the 98-octane graded fuel. The rise in the price of gasoline has triggered demonstrations across the country to press the government put a cap on fuel prices.
The public transportation sector carried out a general strike last week in protest of the high rise in gasoline prices. Prime Minister Najib Mikati has said on several occasions that the price of local fuel corresponds with international prices and thus the government is unable to take action. He has also said that the state treasury cannot provide subsidies, particularly since the 2012 state budget has not been set.