Stations are rapidly heading towards bankruptcy

Stations are rapidly heading towards bankruptcy

| Tuesday 13 September 2022

The Secretary of the Syndicate of Petrol Station Owners in Lebanon, Hassan Jaafar, announced in a statement, “In light of the fiery fluctuations in the exchange rate of the dollar on the black market, our situation today as stations has become miserable and tragic, and we are rapidly heading towards bankruptcy as a result of the difference in the exchange rate of the dollar approved by the Ministry and the dollar exchange rate on the black market.

He said: "Today, as stations, we are not asking for the impossible, we are only asking to be protected from bankruptcy, which is what has already happened with many stations and led to their closing due to the erosion of their capital. We will not accept this blasphemy, which incurred huge daily losses, as this situation will lead to the closure of many of them to reduce their losses,” noting that “the responsibility lies on the Ministry of Oil and the Oil Directorate, so we ask them to issue a fair daily installation prices according to the exchange rate of the dollar on the black market, while protecting us with a margin of at least five hundred lbp for every US dollar, and not less than that, to put an end to this atrocity."

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