BEIRUT: The price of gasoline declined Wednesday by LL600 following weeks of often sharp increases.

The price of 98-octane graded fuel settled at LL37,300, while the price of the 95-octane graded variety is now LL36,700, according to the weekly price schedule released by the Energy Ministry.

The price of fuel oil declined by LL100 and is now sold at LL28,100. Kerosene gas is LL30,800, while diesel oil is LL28,600, down by LL100.

All prices are per 20 liters.

Despite the decline in prices this week, they are expected to resume their upward climb as tensions over Iran's nuclear ambitions affect oil supplies.

Brent futures were up $1.11 to $110.92 per barrel, after rising to a session high of $111.11. U.S. crude was up 84 cents to $92.77 a barrel.

With the newly applied U.S. sanctions on Iran's state oil company, the Islamic Republic could struggle to ship its oil to consumer nations. Iran’s supply had already been affected earlier this year by U.S. and European sanctions. –With Reuters