Damascus Hikes Fuel Prices By More Than 50 Percent
Damascus has raised petrol prices in government-held parts of Syria by more than 50 per cent after the Syrian pound hit record lows in the black market
Damascus, (UrduPoint / Pakistan Point News - 16th Mar, 2021 ) :Damascus has raised petrol prices in government-held parts of Syria by more than 50 per cent after the Syrian pound hit record lows in the black market.
Gas canisters used in homes are now selling for 3,850 pounds, up from 2,700, it added.
Damascus has repeatedly raised fuel prices in recent years to tackle an accelerating economic crisis sparked by a decade-long civil war and compounded by sanctions, the coronavirus pandemic and a financial crunch in neighbouring Lebanon.
The trade ministry did not provide a reason for the latest hike, but in the past it has blamed Western sanctions.
The oil ministry last week said it had been forced to cut fuel supplies due to "a delay in the arrival of imported fuel derivatives because of the US blockade".
The economic crunch has seen food prices skyrocket over the past year in a country where the majority of the population lives below the poverty line.
Rani, a 37-year-old food wholesaler, said the hike in fuel prices would hit other goods.
"We are going to have to raise the price of our products to make up for steeper fuel prices," he told AFP.
Syria used to produce almost 400,000 barrels of crude per day before the war.
But ten years of conflict have ravaged production and seen US-backed Kurdish-led forces seize control of the country's largest oil fields.