Economy

Title: "In Case of Dollarization: 70,000 Lira Increase on a Gasoline Tank"

Title:

Fadi Abu Shqara, the representative of fuel distributors, told "Voice of Lebanon": "We were paying 100% in Lebanese currency to importing companies until we reached today where we pay 45% in dollars. The quantities distributed are not sufficient for the stations, and the station owner has the right not to lose, while 30% of the stations are not operating due to a lack of capital." In response to a question, he confirmed that they would not go on strike or escalate the situation, adding: "We have legitimate demands from the Ministry of Energy, and the importing companies must provide sufficient goods for all station owners across Lebanon."

Maroun Chammas, head of the Oil Importing Companies Association, said: "I understand the cry and pain of the stations, but we buy the commodity in dollars, and we are supposed to sell it in dollars or equivalent to the market, similar to other sectors. Moreover, the rush to the stations out of fear of price increases leads some stations to raise their hoses due to running out of stock." He continued: "There is a fear of 100% dollarization of prices, which will result in an increase of 70,000 lira in the price of a gasoline tank."

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