Daily Star: Lebanon’s gas prices drop as oil plunges

The global slide in oil prices brought another decrease in fuel prices in Lebanon Wednesday, with a drop of LL700 in the cost of gasoline. According to the Energy Ministry, 95-octane and 98-octane gasoline are now priced at LL22,400 and LL23,000, respectively. Only three weeks ago, both 95-octane and 98-octane gasoline were priced at LL26,400 and LL27,100.

The price of diesel also dropped Wednesday to LL15,400, according to the new price list issued by the Energy Ministry. Lebanon has witnessed a sharp decrease in fuel prices over the past month as Brent crude hit a five-and-a-half-year low of less than $50 a barrel.

Benchmark Brent crude futures fell more than a dollar to $49.92 a barrel just before 0800 GMT Wednesday, reaching levels last seen in May 2009, although prices edged back above $50 later.
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