Syria announces 130% hike in fuel prices amid supply crisis

MADRID, 7 Ago. (EUROPA PRESS) -

Syria's Ministry of Internal Trade has announced a gasoline price hike of around 130 percent across the war-torn country now beset by the global energy and supply crisis.

The price of a liter of subsidized fuel will rise to 2,500 Syrian pounds (0.98 euros), from the previous 1,100 (0.43 euros), an increase of 127 percent, while the price of non-subsidized gasoline will increase from 3,500 (1 .37 euros) to 4,000 Syrian pounds (1.56 euros), the Ministry added in a statement collected by the official Syrian news agency SANA.

"This decision is given by the objective of reducing the enormous budget losses and to ensure that the supply is not interrupted," says the Ministry.

It is the third time this year that the authorities have increased the price of fuel amid the depreciation of the Syrian pound, which is now trading at around 4,250 per dollar on the black market, compared with an official rate of 2,814.

The conflict in Syria began in 2011 with the brutal crackdown on peaceful protests and escalated into a civil war that has involved foreign powers and global jihadist groups. At least 500,000 people have died and half the population has been displaced.