Lebanon Businessnews News

Gas stations
will not strike
Syndicate objects to share

burden of exchange rate

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The Syndicate of Gas Station Owners said that they will not go on strike following a recent decision by the Ministry of Energy and Water (MoEW) to make them share the burdens of foreign currency exchange.

The Syndicate’s announcement followed rumors about a possible strike in reaction to the weekly pricing of oil products issued by the MoEW.

The MoEW has decided to temporarily cut LL475 per 20 liters of gasoline from the profit margin of gas stations.

The deducted amount is earmarked to finance the fluctuations in the exchange value of the US dollar that affect imports of oil products. Owners of gas stations pay importers of oil products in the Lebanese currency.

“The Syndicate of Gas Station Owners has objected to the ministry’s decision but will not take any action that affects people’s access to oil products,” said Sami Brax, Chairman of the Syndicate.

“Gas stations are required to provide 15 percent of the cost of the import bill in U.S. dollars. This should be the duty of the Central Bank and importers of oil products,” he said.
Reported by Gisele Khalaf
Date Posted: Dec 04, 2019
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