Sources working in the oil sector expected that the price of a gasoline plate would exceed one million pounds during the next two schedules of fuel prices, especially 98-carat gasoline and diesel fuel, in light of the continuing rise in the dollar exchange rate locally and crossing the threshold of 53 thousand pounds, and the global price of a barrel of oil, which reached 88 US dollars.
The head of the Brax Petroleum Group, George Brax, supported these propositions, and we are reaching a million pounds through two other schedules for the price of the gasoline plate, especially since the dollar continues to rise without any controls. And he considered that the repercussions of this increase will lead to a decline in oil consumption by 30 percent, and to a decrease in traffic congestion, which we used to see when the price of a gasoline plate did not exceed twenty thousand pounds, as evidenced by the absence of congestion, except in the morning and at four or five in the evening when employees leave. From their businesses and jobs, in addition to expecting a rise in transportation prices, foodstuffs, and other matters related to the dollar exchange rate.
Brax stated that the price of a barrel of oil has reached 88 US dollars in the global markets, after China lifted the quarantine from its country as a result of the Corona pandemic, so movement returned to its streets, factories, airports, ships and businesses, which generated its need for oil.
Secondly, the decline in economic growth in the United States of America due to investors’ lack of confidence in the American currency after the US government retracted its policy of raising interest rates, which increased the demand for oil investment, especially since on February 4 European sanctions against Russia will be implemented.
Brax expected an increase in demand between 900 and one million barrels per day, which would increase the demand for oil.
Yesterday, the dollar recorded a significant increase in the black market, between 54,300 and 54,500 per dollar, without the Bank of Lebanon being able to intervene to curb it, as it always did. Hani Bohsali, we are witnessing a new episode of deterioration, and we are in a period of collapse, and prices will rise as much as the exchange rate has risen.
Yesterday, a new table for fuel prices was issued, as it came as follows: Gasoline 95 octane 958 thousand, Gasoline 98 octane 982 thousand pounds, diesel oil exceeded one million, reaching 1,007,000 Lebanese pounds, and gas 613,000 Lebanese pounds.