November 10, 2026
Attention in Lebanon is turning to gasoline and diesel prices amid the decline in global oil prices, amid questions about the extent to which this pricing is locally linked to the price of Brent crude and the factors determining its rise or fall.
In this context, the head of the Syndicate of Gas Station Owners in Lebanon, George Al-Barakas, explained in an interview with “Lebanon 24” that fuel pricing locally is not directly linked to the price of a barrel of crude oil, but rather is calculated based on the prices of refined petroleum derivatives in international markets via the “Platts” index. He pointed out that “Brent” crude oil is affected by supply, demand, futures contracts, and political and military expectations in the Gulf, Russia, and Ukraine, while prices are subject to Gasoline and diesel according to the size of supply and demand for each material independently.
Al-Barakas stated that the Ministry of Energy and Water, represented by the General Directorate of Petroleum, adopts the average prices of the last 15 Platts index bulletins, and adds to it the costs of shipping, insurance, customs, transportation, bank commissions, and company and station margins to reach the final price.
Regarding the price trend since the beginning of 2026, Al-Barax indicated that a barrel of “Brent” reached about 59 dollars on January 1, while the price of a can of gasoline recorded 14.97 dollars (one million and 343 thousand liras), and the average ton of gasoline on the “Platts” index reached 623 dollars. With the escalation of war tensions in the Gulf, prices rose, coinciding with the imposition of an increase of 300,000 liras on gasoline for the benefit of the state. Despite the ceasefire on April 7, prices continued to rise due to instability, reaching their peak on September 25, when the price of a can of gasoline recorded $31.72, and diesel fuel $30.89, while a barrel of “Brent” reached $102, a ton of gasoline $1,326, and diesel fuel $1,551, making gasoline an increase of 112% since the beginning of the year.
After September 25, prices began to gradually decline, with the price of gasoline decreasing by 400,000 liras (about $4.46), a ton of gasoline on Platts falling from 1,326 to 1,065 dollars, and a price of diesel decreasing by 12,000 liras. Brax confirmed that there is no direct and fixed link between the movement of Brent crude and refined derivatives, as the barrel may decrease while fuel oil rises, or vice versa.
In terms of economic repercussions, the rise in fuel prices harmed the transportation, trade, and electricity sectors, raised the prices of consumer goods, and reduced purchasing power. Al-Barakas pointed out the significant impact of diesel fuel due to Lebanon’s reliance on private generators, in addition to its use in trucks and transporting goods and institutions, in addition to the high costs of sea freight and insurance as a result of security risks, repercussions that have affected many economies.
Regarding the next stage, Al-Barax indicated that fuel prices are currently on a declining path, but the continuation of this trend remains dependent on geopolitical and military developments, warning that any escalation in the Gulf, the Strait of Hormuz, the Red Sea, Bab al-Mandab, or the targeting of Russian oil installations, may return to push prices higher.
In summary, the current decline in fuel prices does not guarantee their continued decline, and the decline in the price of a barrel of crude oil does not necessarily mean a similar decline in the prices of gasoline and diesel in Lebanon, as they are mainly linked to the prices of refined derivatives and their import costs.
