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Gasoline Prices Could Attain LL31,000 on Expectations of Falling Global Oil Prices

By Elissa Raphael.Gasoline prices dropped on Wednesday 23, by LL1,000 while diesel prices dropped by LL 500, according to the weekly oil price list issued by the Lebanese Energy Ministry.

The price of 98-octane graded fuel now costs LL36,000 while the price of 95-octane graded fuel is LL35,300.

 

Some energy experts anticipate gasoline prices in Lebanon to reach almost LL31,000 due to the expecting fall in global oil prices.Last week, gasoline prices dropped by LL1,100. As a result, the 95-octane graded fuel reached LL36,300.

 

Oil price dropped internationally on fear of a recession in Europ and tensions over Iran's nuclear program.Benchmark U.S. crude lost $1.07 to $91.50 per barrel on Tuesday, 22 in New York while Brent crude fell by 31 cents to $108.50 per barrel in London.

The International Monetary Fund expects oil prices to decline in 2012 and next on the back of a weak global economic outlook  adding that the ensuing slowdown in global growth could lead to a decline in the prices of other commodities.

 

 

It’s worth noting that the price of 20 liters of gasoline in Lebanon as a percentage of the daily income per capita in the country is the 13th highest among 55 countries in the world, based on the prices of gasoline between April 2 and April 11, 2012, Lebanon This Week, Byblos Bank economic publication states.

 

 

 

The price of a gallon of gasoline in Lebanon is equivalent to 95% of the country's daily income per capita, which is higher than that of the Seychelles at 94.2%, Brazil at 94.1% and Argentina at 92.7%; and is lower than that of Lithuania (98.1%), Hungary (99.1%) and Egypt (107.2%).

 

Lebanon also ranked in fifth place among 14 upper middle-income countries (UMICs) included in the survey, higher than the Seychelles, Brazil and Argentina; and lower than Lithuania, South Africa (126%) and Romania (134%). Also, the price of 20 liters of gasoline in Lebanon as a percentage the daily income per capita is the second highest among five Arab countries included in the survey. It is significantly high- er than in oil producers Saudi Arabia (5.9%), the UAE (5.4%) and Kuwait (3.6%); but is lower than in Egypt (107.2%). India is the most expensive country for gasoline based on per capita income, as the price of 20 liters of gasoline is equivalent to 711.5% of daily per capita income; while Venezuela is the least expensive country with a ratio of 1.7%.

 

In parallel, the price of 20 liters of gasoline in Lebanon is the 13th cheapest among 56 countries included in the survey. The price of a gallon of gasoline in Lebanon was $25.7 between April 2 and April 11, higher than prices in the U.S. at $22.1, Indonesia at $21.7 and Russia at $19.6; but lower than prices in Thailand at $26.2, China at $28.1 and Argentina at $28.7. The price of a gallon of gaso- line in Lebanon is lower than the 56-country average of $33.7 and the UMICs' average of $25.9, but higher than the five Arab coun- tries' average of $10.5. Norway is the most expensive country in the world for gasoline in nominal terms, as the price of 20 liters of gasoline is $51.2, while Venezuela has the cheapest gasoline globally at $0.48 per gallon.

 

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