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Lebanon announces strict measures to drain subsidized fuel stocks, in preparation for new prices

The General Directorate of Oil, affiliated to the Lebanese Ministry of Energy and Water, announced a number of strict procedures and controls for the sale and disposal of the current stock of petroleum derivatives available in the local market, on the basis of the subsidized official exchange rate of 1514 pounds to one dollar, as a precautionary step not to achieve profits at the expense of the Lebanese citizen by withholding The stock to be sold at the new prices after changing the exchange rate for importing petroleum to be at 3900 pounds to the dollar instead of 1514, which will result in a significant increase in the price of fuel.

This came after a large number of gas stations closed their doors and refused to supply cars with fuel in order to sell the stock at the new price, while the security services launched intensive campaigns to inspect these stations and force them to work, which led to a number of citizens organizing protests and blocking roads in various parts of the country. Thursday night.

The Directorate confirmed that it had decided since Friday to close all private imported oil companies and oil facilities in Tripoli and Zahrani and to refrain from delivering any goods to the local market. The General Directorate of Customs has also carried out an inventory inventory in all warehouses of import companies in the private sector and the stock of oil facilities in Tripoli and Zahrani.

The General Directorate of Oil asked the General Directorate of Customs to clearly announce the current stock figures available with private import companies and oil facilities to calculate the difference in the price of the available quantities, after taking the decision to calculate the support dollar for oil facilities at 3900 pounds per dollar; With the aim of restoring it for the benefit of the Banque du Liban, while allowing the oil facilities in Tripoli and Zahrani to be supplied with diesel for some basic sectors in case of extreme need.

The directorate explained that it had asked all fuel stations on all Lebanese territory to sell their currently available stock and on the basis of the subsidized exchange rate that was approved (1514 Lebanese pounds per dollar), stressing the illegality of closing the stations that have stock in front of the public and asking for the assistance of the security services to open these stations and take the necessary measures against them.

The directorate indicated that if the stations request to supply it with any new quantities, it first determines the remaining quantities available in its warehouses with the aim of clearing the financial difference in favor of the Banque du Liban and recovering it, through the importing companies that supply it or supply its distributor.

The fuel supply crisis worsened in Lebanon yesterday, after most of the stations closed their doors, whether due to lack of fuel or a desire to sell stock at a higher price, amid news of a major movement in fuel prices and their announcement this week following the caretaker government’s decision to change the exchange rate of the dollar used in Importing fuel from 1514 pounds to the dollar to 3900 pounds to the dollar.