Unsubsidized diesel oil
will become available

Deal between MEDCO, Beirut Traders, and Tourism Syndicates

MEDCO has agreed with the Beirut Traders Association (BTA) and the Federation of Tourism Syndicates to provide diesel oil (mazout) at non-subsidized rates to members of the two associations.

The move follows similar agreements concluded earlier between the Association of Industrialists and fuel distributors.

All these deals were concluded after the Ministry of Energy and Water decided to allow fuel distributors to provide non-subsidized diesel oil to these businesses.

Other fuel distribution companies are expected to follow suit. Several of them have also started making diesel oil available for sale to residences at $570 per ton (fresh). The amount will need to be prepaid at a local bank.

Traders have already started to apply to buy diesel fuel.

According to the two agreements with MEDCO, traders and tourism businesses are required to indicate the quantity they want to buy for the period from August 30 to September 15.

The full amount must be settled in advance in cash US dollars through an external (fresh money) bank account. Delivery takes place within 15 days, once the deal is confirmed. Payments will be made through Banque Libano-Francaise (BLF).