Lebanese queue for gasoline again as fuel crisis returns

Lebanon Economy
2022-12-28 | 10:02
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Lebanese queue for gasoline again as fuel crisis returns
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3min
Lebanese queue for gasoline again as fuel crisis returns
It was thought that the scenes of queues at gas stations had gone irreversibly after the price of gasoline was no longer linked to the Sayrafa exchange rate until the governor of the Central Bank re-linked gasoline to the platform, indirectly, by issuing a decision allowing the purchase dollars through Sayrafa at 38,000 Liras without a ceiling.

BDL's decision was followed by another decision issued by the Ministry of Energy on Wednesday morning. The new Sayrafa exchange rate was adopted to determine the price of gasoline.

A decision according to which the price of 20L of gasoline decreased by approximately 140,000 Liras. Still, the ministry linked the success of its decision to securing dollars for companies and individuals at the Sayrafa exchange rate by BDL and the banks.

The oil-importing companies and gas station owners went to the banks to buy the dollar at the new Sayrafa exchange rate. Still, the banks refused, explaining this first by the lack of clarity on the mechanism for implementing the decision issued by BDL and, secondly, by the exhaustion of the monthly quota allocated to them by BDL for exchanging Liras for dollars.

This refusal led to confusion in the market, so several stations lifted their hoses, fearing loss.

This confusion necessitated a meeting in the Ministry of Energy, which included Minister Walid Fayyad, representatives of the stations and distributors of fuel and gas, in which it was agreed to work to find a solution that would protect the owners of the stations and the citizen alike.

BDL sources confirmed to LBCI that the mechanism for buying dollars through Sayrafa is precise, noting that the mechanism for implementing the process may take 48 hours for banks.

BDL also issued a statement, asking those whose banks were late to accept requests to buy dollars, to go to Al-Mawarid bank to complete the process.
 

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