Syrian fuel crisis: Why three diesel prices?
The Syrian Ministry of Energy announced new measures to address the fuel crisis, including the introduction of three types of diesel at different prices and specifications, aimed at meeting the needs of various sectors, reducing dependence on imports, and easing the supply shortage. The measures involve restarting several domestic refineries and increasing their production capacity, especially since the Baniyas refinery is currently shut down for transformation and maintenance. Once rehabilitated, its capacity will reach approximately 130,000 barrels per day. Different types of diesel have been added, starting at 115 Syrian pounds for the supported type, intended for heating and agriculture; 150 pounds for productive and service uses; and 175 pounds for standard specifications. This separation aims to cater to the different sector needs, offering more flexible options, reducing costs, and mitigating the impact of rising global fuel prices on the Syrian market amid ongoing crises. Additionally, these steps seek to lessen reliance on imports and to alleviate the effects of increased shipping and insurance costs. Syria’s oil production currently hovers around 108,000 barrels per day, while its demand exceeds 300,000 barrels daily. These measures are part of governmental efforts to ensure fuel availability, support citizens, and strike a balance between price and quality to meet diverse market demands.
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