Be Prepared for a Hike in Fuel Prices!

  • Economics
Be Prepared for a Hike in Fuel Prices!

Member of Gas Station Owners Syndicate George Brax expects that, "In the coming weeks, we will witness a continuous increase in the prices of fuel such as gasoline, diesel and gas, due to the rise in the global oil price, which reached $85," noting that, "The reason for its rise is due to the return of the global economy to its natural position after the coronavirus crisis, in addition to the rise in the price of gas globally."

In a call to the National News Agency, Brax said: "On the other hand, the price of fuel is affected by the local dollar exchange rate, which exceeded 20,000 LBP, and this will cause the price of gasoline to reach 300,000 LBP in the next three weeks."

Brax also expected "an additional rise in the price of a barrel of oil because OPEC did not increase its production, which amounted to 486,000 barrels per day, in the face of the increasing demand for oil."

Source: MTV