Oil Prices Witness Massive Drop in Lebanon

Oil prices in Lebanon have witnessed a massive drop on Wednesday as the price of the can of gasoline (95 octanes) has decreased by LBP 137,000 and (98 octanes) has decreased by LBP 141,000. The price of diesel has decreased by LBP 152,000, and the gas canister has decreased by LBP 90,000.

Consequently, the new prices are as follows:

95 octanes: LBP 629000

98 octanes: LBP 646000

Diesel: LBP 700000

Gas: LBP 413000

Fuel Distributors’ Syndicate representative, Fadi Abou Chakra, on Wednesday confirmed that today’s significant drop in fuel prices was due to the recent drop in the US dollar’s blackmarket exchange rate.

He hoped that the US dollar’s exchange rate would continue to decline in a bid to ease the mounting financial burdens on citizens.