The Ministry of Energy has addressed the demands of station owners for pricing in dollars and finding suitable solutions for them. It aims to keep pace with the exchange rate of the dollar by issuing one or two tables, at least, for daily fuel price adjustments. The General Director of Oil in the ministry, Auror Fghali, confirmed to "Nidaa Al-Watan" that there is no possibility of issuing a price in US dollars, as after consulting the Legislative and Consultative Authority, they informed us that the end consumer must pay the fuel bill in Lebanese pounds, similar to goods sold in supermarkets. As for wholesale trade between the importer and the trader, the pricing can be in US dollars; thus, the pricing table is calculated based on the black market exchange rate. It is worth noting that all countries usually adopt pricing in their national currency.
Since the law does not permit dollar pricing for fuel price tables, Fghali revealed that "the General Directorate of Oil and the Ministry of Energy will study the change in oil prices twice a week according to changes in the 'Platts' price index, with the pricing based on the 'Platts' price in Lebanese pounds at the black market dollar exchange rate. Additionally, two daily pricing tables will be issued to keep fuel prices in line with continuous dollar fluctuations, avoiding the chaos of the dollar and the unregulated market, ensuring the consumer's protection."
Regarding the margin of station owners who also demand to be in US dollars, Fghali clarified that it is calculated in Lebanese pounds, although the ministry is gradually increasing it, raising it from 25,000 pounds to 30,000 pounds.
In light of this situation, economic entities propose the idea of deregulating fuel pricing from the Ministry of Energy and subjecting it to competitive market conditions priced in dollars. We presented this proposal to former Minister of Economy Raed Khoury, who commented to "Nidaa Al-Watan" that deregulating pricing from the Ministry of Energy would lead to widespread chaos, as private generator owners do not adhere to the "Energy" pricing per kilowatt. What about the fuel sector?
He believes that under the current circumstances, "the Ministry of Energy must continue to issue fuel pricing, but in dollars, with the consumer paying in Lebanese pounds according to the market exchange rate at the time of purchase. The solution to this dilemma could either be by amending the law by the Parliament or granting the government permission for the ministry to implement this measure."
The energy pricing announced by the Ministry yesterday morning responded to the demands of distributors and station owners, with the price of gasoline increasing by 20,000 pounds to reach 666,000 pounds for 95 octane. Station owners and distributors operated normally; however, as the dollar surpassed the threshold of 37,000 pounds and closed with an increase of 800 Lebanese pounds in the evening, registering at 37,500 pounds, distributors and station owners returned to their demands, hoping their request would be implemented. Regarding the expected gasoline pricing today, it is anticipated to exceed an increase of 20,000 Lebanese pounds.
