Mahrouqat raises prices of oil derivatives for the sixth time in two weeks

The Syrian Company for the Storage and Distribution of Petroleum Derivatives "Mahrouqat" has raised fuel prices as of today after adopting a new exchange rate of 12,820 pounds to the dollar instead of 12,630 pounds in the previous price, according to an official bulletin circulated by the company on its platforms.

Under the new pricing, the price of a liter of diesel has become 96.15 Syrian pounds ($0.75), the price of 90-octane gasoline has risen to 108.97 pounds ($0.85), and the price of 95-octane gasoline has risen to 116,662 pounds ($0.91). The price of a domestic gas cylinder also increased to 1,346.1 lira ($10.5), and industrial gas to 2,153.76 lira ($16.8).

The company asked gas stations and distribution centers to adhere to the new pricing, calling on citizens to report any violation through official channels, stressing that the publication of prices comes within the framework of "providing accurate and transparent information to consumers."

"Fuel" adopts a dollar that is more expensive than the trading price

This increase comes at a time when global markets are witnessing a sharp drop in oil prices after the announcement of a ceasefire agreement between the United States and Iran, where the price of a barrel fell below $96,  and the exchange rate of the dollar in the Syrian parallel market fell to 12,700 pounds this morning, which is the price on which "Fuel" relies in the pricing mechanism.

Despite these indicators, which are supposed to push for a price reduction, the company adopted a higher price of 12,820 pounds to the dollar, which raised questions about the pricing methodology and timing, especially since this increase is the sixth in less than two weeks.

Mahrouqat adopts a pricing mechanism linked to the price of the dollar in the parallel market, exceeding the official price issued by the Central Bank of Syria, which leads to sharp fluctuations in fuel prices that are directly reflected on the costs of transportation and production, and push towards a frequent rise in the prices of basic commodities within the Syrian markets.