Gasoline delivered to distributors as BDL lowers subsidization

Gasoline was delivered to fuel distributors on Tuesday after contacts were made over the past hours, the representative of fuel distribution companies, Fadi Abu Shaqra, said, after queues returned to gas stations in some regions.

“A clarification will be issued about the modification of the mechanism that has been adopted by the Banque du Liban (central bank),” Abu Shaqra added.

A member of the syndicate of gas station owners, George Brax, meanwhile said that the central bank is still “applying the policy of the gradual lifting of subsidization off gasoline imports.”

BDL will continue to “secure a part of the price of imports through the Sayrafa platform,” Brax added.

“After it used to follow an equation based on 85% Sayrafa and 15% black market, it has now lowered the Sayrafa ratio to 70% and the new equation is 70/30,” Brax went on to say.