The price of gasoline dropped sharply by LL1,100 Wednesday, marking the biggest weekly decline this year, according to the Energy and Water Ministry.
Based on the weekly price update, the price of 98-octane graded fuel is now LL37,000 and 95-octane graded fuel is LL36,300. Kerosene gas is selling for LL30,100, down by LL400. Fuel oil and diesel declined by LL400, becoming LL28,000 and LL28,1000, respectively. All prices are per 20 liters.
The cost of gasoline reached a record high last month with the price of 98-octane graded fuel reaching LL40,000. The increase sparked outrage among unions, which demanded the government place a price ceiling at LL25,000.
Prime Minister Najib Mikati has said that the local price of fuel is determined by fluctuating international prices and has also said that the government is financially incapable of giving subsidies or setting a price ceiling.
