Minister Raises Prices of Subsidized Gasoline for the Third Time this Year

The Ministry of Internal Trade and Consumer Protection announced an increase in gasoline prices for the third time this year, according to al-Watan.

The Ministry of Internal Trade and Consumer Protection announced an increase in gasoline prices for the third time in a row. The decision has met with widespread resentment and criticism in the commercial and industrial circles and, most importantly, from the weaker demographic: low-income earners.

Trader Yasser Akrim commented on the decision’s consequences for transportation costs, and therefore the costs and prices of various products. Akrim stressed to al-Watan that the decision to raise gasoline prices will have a tangible impact for the foreseeable future. This is because the rise in transport costs impacts all distribution and commercial value chains. This impact will vary, as required, from person to person. Akrim said: “We hope that this decision to raise prices will increase product availability in markets, showing that we have calculated the costs correctly.”

Read Also: Internal Trade Minister’s Decision Hurts Poor People

Akrim added: “This rise will be reflected in the high market prices in one way or another.” Akram believes that the most important outcome is that products are available in markets, regardless of their prices. This view applies especially to supplying materials to distributors via freight, given that costs vary from governorate to governorate, city to another, and so on.

Akrim stressed that oil is a major factor in calculating product costs. He pointed out that the authorities should not continue to raise the prices of materials because this will cause many undesirable problems. At the same time, the relevant authorities should pay attention to income and wages in order to create a balanced fiscal policy. It is true, he said, that increased wages must accompany the rise in gasoline prices. “If income levels remain the same, the economic policy will remain unbalanced. How better to enforce consumer protection than to protect people’s incomes?”

Remarks by the Observer: The article did not specify the new price of subsidized gasoline.

This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

 

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