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Syria regime raises price of subsidised petrol by 127%

August 8, 2022 at 1:40 pm

This picture taken shows a view of oil production facilities at the Omar oil field in the eastern Syrian Deir Ezzor province [DELIL SOULEIMAN/AFP via Getty Images]

The Syrian regime’s Ministry of Internal Trade raised the price of petrol by 127 per cent, the third increase this year, the SANA news agency reported.

The agency said the ministry has decided to raise the price of subsidised petrol from 1,100 liras per litre to 2,500 liras. It also raised the price of unsubsidised petrol from 3,500 liras to 4,000 liras per litre, and the price of high-octane gasoline from 4,000 to 4,500 liras.

The ministry said the increase aims to reduce the huge losses in the oil budget and to ensure the availability of petrol.

The increase comes at a time when the country is battling high prices, a shortage of fuel and daily electricity cuts.

This is the third time the Syrian regime has raised fuel prices this year.

In May the price of subsidised gasoline rose from 750 liras to 1,100 liras per litre.

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This comes as the Syrian pound continues to depreciate. The currency is trading at around 4,250 to the US dollar on the black market, compared to an official rate of 2,814.

The Syrian government relies mainly on Iran to secure oil derivatives.

The increase in oil prices increases the prices of food commodities and raw materials.

Since the Syrian civil war erupted in 2011, the oil and gas sector has suffered losses estimated at $91.5 billion as a result of continuous battles and the decline in production following the regime’s loss of control over major oil fields, in addition to economic sanctions imposed by Western countries.

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According to the United Nations, most Syrians live below the poverty line, while the prices of goods have doubled across the country in recent months due to the repercussions of the Russian invasion of Ukraine.