Saturday May 18, 2024

Syria more than doubles petrol prices

August 08, 2022

DAMASCUS: Syria’s internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel shortages and extended power cuts.

The cost of a litre of subsidised fuel will rise to 2,500 Syrian pounds, from 1,100 previously, a rise of 127 percent, the ministry said in a statement quoted by the official SANA news agency late on Saturday.

The cost of non-subsidised petrol will rise from 3,500 to 4,000 Syrian pounds, the ministry added. The increases represent the third time this year that authorities have increased the price of fuel, as the Syrian pound continues to depreciate.

Syria’s currency is trading at around 4,250 to the dollar on the black market, compared to an official rate of 2,814. "This measure will hit everyone," said Raed al-Saadi, a warehouse worker. "Our salary is now only enough to get us to the workplace, and not even enough to get us home again."