The prices of various fuels in Lebanon are set to decrease even further this week, as Brent oil Tuesday slumped below $60 per barrel to a new five-year low.
Fadi Abu Shakra, a consultant for the Syndicate of Gas Station Owners, told local radio station La Voix du Liban that he expected the price of gasoline to drop by LL1,000-1,100 per 20 liters Wednesday.
Last week, both 95-octane and 98-octane gasoline fell by LL800 and are now priced at LL26,400 and LL27,100 (17 USD and 18 USD), respectively.
The price of diesel dropped by LL700 and is now LL20,200, according to the state-run National News Agency.
Lebanon has witnessed a sharp decrease in fuel prices over the past month, and the trend is expected to continue this week.
The decline in fuel prices comes against the background of Brent oil falling to a new five-year low, as oversupply and shrinking Chinese manufacturing activity stoke concerns over global demand.
