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Price of gasoline and oil is increased
Lebanon, Economics, 8/13/1997
Citing increases in international fuel prices, the ministry of oil on August announced a 500 Lebanese Lira increase per 20 liters of gasoline and 100 Lebanese lira increase for the same amount of diesel oil.
The price rise came after petrol importing companies last week refused to deliver gas to stations if they were not paid an extra ten cents per 20 liters of petrol.
The import companies' reason for demanding an increase was a general rise in international petrol prices .
A source at the oil ministry revealed that the government intends to buy petrol and store it at the Tripoli and Zahrani refineries to supply stations in case of any future disputes with importing companies.
The source added that reserves of 15 million liters of diesel oil and 30 million liters of petrol would be sufficient to supply the market in the event of a future dispute.
Unleaded gas and 98 octane will now cost 12,200 Lebanese lira per 20 liters, 92 octane 11,900 Lebanese lira per 20 liters and the price of 20 liters of diesel oil was set at 5,800 Lebanese lira.
A statement by the ministry said that the new prices would go into effect on August 13.
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