The price of the dollar fell today in Lebanon during the start of trading on Saturday, March 26, 2022 in the unofficial parallel (black) market.
Lebanon was hit harder than other countries in terms of food security, not because it imports most of its wheat and oil needs from Ukraine, but because it is a country without economic immunity.
It imports more than 80% of its consumption needs in foreign currency, at a time when it is experiencing an unprecedented collapse of the national currency.
The price of the dollar today in Lebanon
The exchange rate of the dollar in Lebanon registered today in the unofficial parallel (black) market, on Saturday morning, a new low, as it ranged between 23,900 and 24,000 Lebanese pounds per dollar, after previously registering between 24,150 and 24,250 Lebanese pounds per dollar. dollar.
The anger of the oil importing companies
The group of oil importing companies in Lebanon issued a statement denouncing the pressure from the Central Bank of Lebanon on oil purchases and the continuous increase in prices.
The statement indicated that “after the multiple changes that have occurred in the hydrocarbon market recently, especially the global rise in prices, as well as the change by the Bank of Lebanon to the purchase mechanism previously used, the group of oil importing companies held several meetings with the Minister of Energy and Water and proposed solutions to the crisis that would allow importers to continue to meet the needs of the importers’ market, in order to preserve the rights of importers, stations and citizens.
He added: “The oil importing companies explained, in numbers and details, that they bear direct and substantial losses today, including 1% of the costs of transferring amounts from the Lebanese pound to the US dollar by banks in the foreign exchange market. . exchange platform, in addition to the losses of the financial differences caused by fluctuations in the exchange rate within the administrative terms, which separates the collection of the amounts and their deposit in the bank, to then execute the transactions in an exchange platform .
And he continued: “It has already been agreed with the Minister of Energy and Water, in the presence of representatives of the plants, that the ministry issue a new price table that takes into account the aforementioned margin of one percent, as well as an additional percentage that cover the cost resulting from the variation in the dollar exchange rate.
He continued: “However, the oil importing companies were surprised last night by issuing a price schedule that did not take into account what was agreed. As a result, the crisis worsened again and citizens waited in queues again.” led the Presidency of the Lebanese Republic, the Presidency of the Council of Ministers and the Bank of Lebanon to an urgent and direct intervention, since the governor decided to fix the US dollar price for importing gasoline at 22200 LL, regardless of the movements of prices on the exchange platform until the night of Tuesday, March 29 to cover the sales of Friday and Saturday.
New gasoline prices in Lebanon
The price of 95-octane gasoline increased by 25 thousand Lebanese pounds, and 98-octane gasoline by 26 thousand Lebanese pounds.
The price of 95-octane gasoline became 459,000 Lebanese pounds and the price of 98-octane gasoline became 470,000 Lebanese pounds.