Damascus Hikes Fuel Prices by More than 50 Percent

Damascus Hikes Fuel Prices by More than 50 Percent

Damascus has repeatedly raised fuel prices in recent years, blaming Western sanctions on the war-torn country. (AFP)

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.

The cost per liter of subsidized petrol rose from 475 to 750 Syrian pounds (officially 60 US cents, or 17 US cents at black market rates), the trade ministry said late Monday.

Syrian motorists are allocated 75 liters of subsidized petrol per vehicle per month, then must pay unsubsidized rates -- which also rose from 1,300 to 2,000 pounds a liter, the ministry said.

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 war and compounded by sanctions, the coronavirus pandemic and a financial meltdown in neighboring 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