Gasoline is one of many products derived from crude oil at oil refineries. The price of gasoline is mainly determined by the price of the crude oil that is used to produce it.
Crude oil is a global commodity, and its price is determined on a global basis, depending on basic supply and demand principles.
There are other factors that affect fuel prices’ variation, but in general, as the price for oil goes up, so will the price for gas at the pump. As the crude price goes down, the gasoline price will follow.
• If we take a look back to the end of 2018, the price of Gasoline 98 reached 22,700 LBP (15.13 U.S $) and Gasoline 95 reached 22,100 LBP (14.73 U.S $)
• On the 2nd of February 2019, the price of Gasoline 98 rose to 23,000 LBP (15.33 U.S $), and the price of Gasoline 95 reached 22,400 LBP (14.93 U.S $)
• On the 10th of March 2019 Gasoline 98 price rose to 24,700 LBP (16.46 U.S $) and the price of Gasoline 95 reached 24,100 LBP (16.06 U.S $)
• Last week the prices rose to 25,200 LBP (16.8 U.S $) for Gasoline 98 and 24,600 LBP (16.4 U.S $) for Gasoline 95
So what are the estimations for the coming months?
Referring to “Statista website” (https://bit.ly/2TVzXia), crude oil price reached its highest in 2014 (98.89 U.S $ per barrel) and in currently heading back up (60.52 U.S $ per barrel) but still hasn’t reached the price of 2018 (71.19 U.S $ per barrel) and it is estimated to reach higher price in 2020 (64.76 U.S $ per barrel).
*You can always refer to the "Fuel Prices" page on IPT website where you can check the history and weekly changes of the local and international fuel prices supported with charts.