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oil and gasMay 11, 2021

Brax tells NNA gasoline crisis en route to solution


NNA - George Brax, a member of the Lebanese Syndicate of Gas Station Owners, on Monday told the News Agency that the gasoline crisis was on its way to a solution due to the fact that importing companies have started distributing fuel and would continue the distribution process until Eid Al-Fitr.

“One of the ships carrying large quantities of fuel has obtained the approval of the Central Bank and had started unloading in private depots in Al-Dora,” Brax said.

He pointed to the hubbub that was sparked within the past two days due to a rumor about lifting fuel subsidies, which led to a state of panic and anxiety among citizens and endless queue at gas stations.

“Fact is, some stations have been running on a very low fuel stock due to the rationing of credits, which has forced some stations to close,” he explained.

He then pointed out that there was a ship that had been at sea for several days, pending approval to unload, in addition to other incoming ships. He also hoped that the Central Bank would swiftly facilitate opening credits to ease market tension.

Moreover, Brax stressed that there was no plan to lift subsidies on fuel in the foreseeable future. “This issue is very complex and has grave and negative repercussions on citizens (...) There are $ 3 billion worth of fuel imports annually, so lifting subsidies will not be easy,” he explained, adding that any attempt to stop subsidizing fuel, “will not only affect the price of gasoline, but all the other commodities.”

He finally called on citizens 'not to panic” and not to rush to gas stations to help solve the crisis.

nna-leb