BEIRUT

Lebanon News

Gasoline prices still rising

BEIRUT: Gasoline prices rose for another week Wednesday, climbing by LL700, the Energy Ministry reported.

The price of 95-octane graded fuel is now LL34,500, while the 98-octane graded variety is LL35,100, according to the weekly price update issued by the ministry.

Fuel oil increased by LL400 over last week's price, settling at 26,000, and diesel oil is being sold at LL26,700.

All prices are per 20 liters.

Local gas prices might continue to rise, given the drop in Iranian production and regional tensions, according to analysts.

OPEC crude output fell for a second month in July as Saudi Arabia cut production and Iran pumped less than Iraq for the first time in at least 20 years.

Iran cut September crude-price differentials to customers in Asia, following a similar decrease by Saudi Arabia, the world’s largest crude exporter.

 
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