The new fuel pricing strategy reflects the Syrian government's attempts to stabilize the economy amidst ongoing challenges.
The reliance on imports, particularly from Iran, highlights the vulnerabilities in Syria's energy sector.
The increase in fuel availability in Damascus indicates a potential shift towards recovery in the post-conflict landscape.
If the caretaker government successfully negotiates with the Arab world for fuel supplies, it may lead to further stabilization of prices and availability.
Continued improvements in electronic payment systems could enhance economic transactions and support local businesses in Syria.
The Ministry of Oil and Mineral Resources in Syria has announced new fuel and gas prices to curb violations and price manipulation. The price of gasoline is set at $1.16 per liter, while diesel is approximately $1 per liter, and a domestic gas cylinder costs around $12.28. This pricing comes as Syria continues to import most of its crude oil, with production having plummeted by about 96% since the onset of the revolution. The Baniyas refinery, which has a capacity of 126,000 barrels per day, is currently receiving about 3 million barrels per day, primarily from Iran, while the Homs refinery processes around 15,000 barrels per day from local sources. Together, these refineries meet about 70% of the diesel and 90% of the gasoline needs in the country. Despite the chaos following the fall of the Assad regime, fuel availability has improved in Damascus, with the caretaker government actively sourcing oil from northern Syria and recovering oil wells. Additionally, the Central Bank of Syria has lifted the daily withdrawal limit for merchant accounts to promote electronic payment services, with the dollar exchange rate against the lira currently at 14,650 Syrian pounds.
- The caretaker government's efforts to stabilize fuel prices and enhance availability are crucial for the Syrian economy, which has faced significant challenges due to ongoing conflict and sanctions. The move to improve electronic payment systems is also seen as a step towards modernizing the financial infrastructure in the country.
