Lebanon gas prices 13 highest in world

The price of 20 liters of gasoline in Lebanon as a share of per capita income in Lebanon is the 13th highest among 55 countries in the world, reported Byblos Bank Monday. The survey is based on the price of gasoline between April 2 when the price reached a record high, settling at LL39,100 for 98-octane gasoline and LL38,400 for 95-octane graded fuel, and April 11 when 98-octane graded fuel was sold at LL39,700 while that of 95-octane graded fuel was LL39,000. According to the bank report, the price of a gallon of gasoline in Lebanon is equivalent to 95 percent of the country's per capita daily income, which is higher than that of the Seychelles at 94.2 percent, Brazil at 94.1 percent and Argentina at 92.7 percent and is lower than that of Lithuania, Hungary and Egypt, with the last standing at 107.2 percent. “Lebanon also ranked in fifth place among 14 upper middle-income countries included in the survey, higher than the Seychelles, Brazil and Argentina,” it added. The price of 20 liters of gasoline in Lebanon as a percentage also ranked second-highest among five Arab countries included in the survey. It is significantly higher than in oil producers such as Saudi Arabia but lower than in Egypt. India is the most expensive country for gasoline based on per capita incomes as the price of 20 liters of gasoline is equivalent to 711.5% of the daily per capita income. The report, issued by the Economic Research and Analysis division of Byblos Bank, also said that the price of 20 liters of gasoline in Lebanon is the 13th cheapest among 56 countries included in the survey. The average price of a gallon of gasoline in Lebanon between April 2 and April 11 was $25.7, higher than prices in the U.S. ($22), Indonesia ($21.7) and Russia ($19.6), but lower than prices in Thailand ($26.2) China ($28.1) and Argentina ($28.7). The price of a gallon of gasoline in Lebanon is lower than the 56-country average of $33.7 and the upper middle-income countries whose average stands at $25.9 but higher than the five Arab countries' average of $10.5. The figures for Lebanon were calculated based on the International Monetary Fund's estimates of GDP per capita for 2011 while those of other countries were compiled by Bloomberg. The price of gasoline has gradually declined since April 11 and last week stood at LL37,000 for the 98-octane graded fuel and LL36,300 for the 95-octane graded fuel. In April, skyrocketing gasoline prices sent shockwaves across the country prompting a number of sit-ins and protests, particularly by the public transport union, asking the government to intervene. From The DailyStar