The Syrian government has implemented several economic measures in response to the dire economic situation the country is facing, particularly due to the significant devaluation of the Syrian pound against the dollar. One of these measures is the increase in the price of unsubsidized gasoline and compulsory insurance fees for vehicles.
Recently, Interior and Consumer Protection Minister Mohsen Abdel Karim signed a decision to raise the price of a litre of “octane-95” gasoline to 10,000 SYPs, which marks a substantial increase of 1,400 SYPs. This comes as the second increase in July, as a previous decision had already raised the price by 1,000 Syrian pounds, from 7,600 to 8,600. This marks the fifth time the ministry has raised the gasoline price since the beginning of 2023.
The decision to raise the price of unsubsidized gasoline was driven by the collapse of the Syrian pound’s exchange rate against the dollar on the black market, surpassing 13,000 pounds. Additionally, the ministry decided to link the price of unsubsidized Octane-95 gasoline to the exchange rate of the SYP against the dollar on the black market, granting private companies, including PS owned by the Al Qaterji family, the authority to distribute oil derivatives.
Furthermore, the Insurance Supervisory Authority also issued an amendment to the fees for mandatory annual insurance for all types of vehicles, including tractors and three-wheeled motorcycles, raising it by up to 50 percent. Private tourist cars with engines less than 2,000 CCs saw an increase of over 40 percent, going from 23,000 to 35,000, and public-private cars to 60,000. A similar decision to amend the value of compulsory insurance on private cars had been taken in April, raising it to 23,000 from 18,000.
These decisions were made following an extraordinary session of the Syrian regime’s parliament, where the prime minister and his ministers discussed the economic challenges faced by the country and the ongoing devaluation of the Syrian pound. Syrian citizens were hoping for solutions to alleviate the crisis and not further price increases.
Meanwhile, local news pages circulated messages from Syriatel, reaching subscribers, indicating an adjustment in internet package prices, with an increase of about 40 percent. However, the pro-regime Athr Press website quoted sources from the company denying the price adjustment, stating that only specific offers have been changed.
In summary, the Syrian government has taken measures to cope with the economic reality brought on by the devaluation of the Syrian pound. These measures include raising the price of unsubsidized gasoline and compulsory insurance fees for vehicles, which has raised concerns among citizens seeking relief from the economic crisis.
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.
