Bassil Warns from Fuel Crisis if Prices Continue to Rise

Energy and Water Minister Jebran Bassil delayed on Wednesday the release of this week’s fuel prices, warning politicians from a crisis if the prices continue to rise.

“If the prices witness any rise next week I will abstain from signing it (the price update),” Bassil said during a press conference.

The gasoline 95 octane now stands at LL36,800 per 20 liters after LL100 addition, and the 98 octane is priced at 37,500 after a LL 200 increase.

Bassil proposed tax cut on gasoline prices, after cutting 5,000 L.L. 3 months ago, but caretaker Finance Minister Rayya al-Hassan refused this measure because of the impact the tax cut would have on the treasury’s revenues.

After al-Hassan held a meeting with Public Works and Transport Parliamentary Committee on Tuesday, the minister said that “each taxi and bus driver will receive $150 a month ($5 cash each day).”

“This proposal will cost the treasury around 40 billion L.L. for the next three months,” she said.

Meanwhile, President of the Gas Stations Syndicate Sami Brax stressed on Wednesday ahead of the release of the weekly price updates that there’s “no gasoline crisis in the country.”