Business, News

Lebanon gas prices drop by 1,200LBP

Screen Shot 2015-01-03 at 11.59.25 AM

(BEIRUT, LEBANON) — Gas prices in Lebanon continued to decrease on Wednesday as Brent crude fell to a five-and-a-half-year low of less than $57 a barrel a day earlier.

95-octane and 98-octane gasoline fell by LL1,200 and are now priced at LL23,100 and LL23,800, respectively.

Only two weeks ago, both 95-octane and 98-octane gasoline were priced at LL26,400 and LL27,100, respectively.

The price of diesel dropped Wednesday by LL1,000 and is now LL17,100, according to the state-run National News Agency.

Lebanon has witnessed a sharp decrease in fuel prices over the past month.

According to a Reuter’s report published Wednesday, Brent fell $1.14 a barrel to $56.74, its lowest since May 2009, before recovering to trade around $57.70, down 18 cents, by 1440 GMT. U.S. crude was up 10 cents at $53.71 after hitting $52.70 – also its lowest since May 2009.

Send this to friend