The Minister of Economy and Trade, Amer Al-Bassat, wrote in a post on his account on the “X” platform, that his instructions to the ministry’s observers are clear regarding strictness in confronting any unjustified pricing and any illegal profits on various goods.
Al-Bassat explained that, on this basis, the Ministry has carried out more than 14,000 inspection rounds since the beginning of the year, and recorded about 700 violation reports and referrals to the judiciary. It also responded to more than 850 complaints received, indicating that these procedures were implemented in coordination and integration with the security and judicial agencies.
Regarding fuel prices, Al-Bassat acknowledged that the prices of gasoline and diesel in Lebanon did not decrease at the same rate as global crude oil prices.
He explained that this reality reflects, according to him, a global phenomenon represented by the rise in the difference between the prices of crude oil and the prices of petroleum derivatives to record levels, pointing out that Lebanon does not import crude oil to refine it locally, but rather imports gasoline and diesel as ready-made derivatives.
He added that the restrictions facing refining capabilities globally, in addition to supply disruptions, led to this difference widening, making the decline in the prices of imported petroleum derivatives much less than the decline recorded in crude prices.
Al-Bassat stressed, on the other hand, that these factors “do not justify what some markets are witnessing,” stressing that the Ministry of Economy will continue its measures to control what he described as “existing greed” and confront any unjustified pricing or profits.
