The US dollar’s exchange rate against the Lebanese pound increased significantly during today’s transactions in the informal market, on the official exchange platform, and at exchange offices, ahead of the weekend, which begins tomorrow, while the Lebanese Ministry of Energy issued two schedules for pricing petroleum derivatives twice during the day, an unusual move. Because of the wide range in currency rates from yesterday evening to today.
The exchange rate recorded 34,500 pounds per dollar at the end of today’s informal market transactions, after an unprecedented rise that reached 35,500 pounds per dollar in mid-day transactions, while the closing price of yesterday’s trading, which began today, ranged between 33 thousand and 33,500 pounds per dollar. At the end of today’s transactions, the exchange rate in the exchange offices was 34,000 pounds per dollar.
According to the exchange rates of operations carried out by banks and exchange institutions on the platform, the trading volume on the official exchange platform today reached 95 million US dollars at a rate of 27,600 Lebanese pounds per dollar, an increase of 400 Lebanese pounds over the average exchange rate on the platform yesterday, which was 27,400 pounds for one dollar.
Because of the huge disparity in the currency rate, the Lebanese Ministry of Energy released a pricing schedule for petroleum derivatives this morning, including price hikes for 95 and 98 octane gasoline.
With the increase in exchange rates, the ministry issued a new pricing table that included significant increases in gasoline prices of 13,000 Lebanese pounds and diesel prices of 28 thousand pounds, so that the price of a plate of gasoline 95 octane reached 616 thousand pounds, gasoline 98 octane reached 630 thousand pounds, and diesel oil 779,000 pounds.
The volatility of the exchange rate produced considerable rises in commodity prices in the markets, as a number of traders resorted to selling at the highest exchange rate in anticipation of the frequent variations in exchange rates throughout the day.
Fuel cost increases twice a day in Lebanon as a result of rising dollar exchange rates.
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