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Syria Fuel Price Hike Explained
The Syrian Ministry of Energy announced a price increase for petroleum derivatives in the country, ranging between 25% and 40%, due to rising global costs for securing these products, especially with the Baniyas refinery remaining shut for maintenance for two months. The price of 95 octane gasoline has reached 195 Syrian pounds, up from 152 pounds, while 90 octane gasoline has risen to 185 pounds. Diesel has increased to 175 pounds from 125 pounds previously. This hike comes amid a decline in the supply of refined derivatives, along with rising transportation, shipping, and insurance costs. The country needs approximately 300,000 barrels of oil and its products daily, of which 60% depend on imports. Experts forecast a negative impact on local production and increased livelihood pressures, amid protests from some regions and transportation drivers against the decision.
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