A member of the Syndicate of “Owners of Gas Stations” in Lebanon, George Al-Barraks, considered in a statement to Al-Manar TV website that “it is clear that US President Joe Biden’s visit to Saudi Arabia did not succeed in obtaining any positive promise to increase oil production by the Gulf countries and, as an extension from OPEC, to compensate for the shortfall.” The result of the repercussions of the war in Ukraine and to push global oil prices to decline in order to limit the rise in fuel prices and to curb the inflation that all economies of the world suffer from, especially the United States of America and the European Union, so crude oil prices returned to instability and fluctuate up and down.
He explained that “the Ministry of Energy and Water issued today a composition table for fuel prices, which is the result of the equation between fluctuations in the dollar exchange rate and the average oil price during the past days.”
He added, “95 octane gasoline plates decreased by 2000 pounds to 609,000 pounds, due to the decrease in the price of an imported kiloliter, approximately 4 dollars, in light of the stability of the dollar exchange rate, according to the approved exchange platform for importing gasoline at 25,600 pounds.”
He continued, “The diesel plate decreased by 4000 pounds to 663,000 pounds as a result of the decline in the price of the imported kiloliter, about 16 dollars, but in return the dollar exchange rate, according to the approved free market for importing diesel and gas, rose by 288 pounds, which was calculated as 29,813 pounds instead of 29525 in the previous table, and the gas bottle fell 1000 pounds to become 317,000 pounds for the same reasons.”
Source: Al Manar website