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Written by Aline Barakat for JNews Lebanon
In a decisive move that halted a compounding wave of inflation, the Lebanese Cabinet has officially suspended Decree No. 3214. The frozen decree was set to impose a steep hike on customs duties for several essential goods, most notably a 2% levy on petroleum products. Government sources confirm that this suspension comes in direct response to the suffocating economic realities and severe living conditions exacerbated by the ongoing fallout of the war, pending a comprehensive re-evaluation of the entire customs tariff structure.
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This shifting landscape has effectively granted local fuel prices the green light to continue their downward trajectory, prompting prominent economic and syndicate circles to forecast an immediate, much-needed boost to the purchasing power of Lebanese citizens.
Continuous Price Drops Every Tuesday and Friday Until Late July
In an exclusive briefing with JNews Lebanon, high-level sources within the Fuel Station Owners Syndicate congratulated the public on “the lifting of this heavy burden from their daily purchasing capacity.” They delivered the welcome news that fuel prices are primed to follow a steady downward path over the coming weeks, provided the Ministry of Energy and Water officially integrates this removal into the weekly pricing index.
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When questioned by our editors regarding why local retail prices do not plummet instantly to mirror global oil drops, senior syndicate figures revealed the technical inner workings of the pricing mechanics. “Prices cannot crash in a single day,” they explained to our economic department. “The local fuel price index is scientifically engineered to absorb sharp, erratic market shocks. For years, the calculation has been based on the average performance of the last 15 prices on the international petroleum exchange. A precise mathematical equation is then applied to secure a stabilized weekly average.”
The Trajectory Mechanism: Editorial sources explained that when global crude oil prices spiked during previous escalations, the exact same staggered principle was applied—raising local prices gradually (with the exception of the emergency 300,000 LBP hike mandated by an earlier cabinet decision). Now, the reverse equation takes over, ensuring a steady, systematic decline that protects both station owners and consumers alike.
Global Crude At $73 and the Strait of Hormuz Remains Secure
Reliable energy insiders disclosed to JNews Lebanon the exact timeline of this relief phase: “Starting tomorrow, the market will witness consecutive, structured drops in fuel prices. This downward adjustment will remain steady and continuous every Tuesday and Friday through the end of July.”
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Economic analysts attribute this localized relief to two pivotal global factors currently driving the energy grid:
- First: International crude oil benchmark prices have retreated to around $73 per barrel, translating into an immediate drop across global petroleum derivative exchanges.
- Second: Sufficient and highly secure volumes of crude are successfully transiting the strategic “Strait of Hormuz.” This steady maritime flow satisfies global demand completely and prevents supply bottlenecks, effectively pulling the fuse on energy price spikes.
Syndicate sources concluded their briefing by affirming that this synchronized domestic and international environment “will guarantee an ongoing, multi-week retreat in fuel prices rather than a volatile one-day crash,” providing the Lebanese economy with a vital breath of oxygen during this critical phase.
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