The Energy Services Directorate at Syria’s Ministry of Energy raised the prices of petroleum products, including gasoline and diesel, by 5 Syrian pounds per liter, equivalent to about $0.04 at an exchange rate of 131 Syrian pounds to the US dollar.

The new prices take effect today, Friday, September 4. A liter of 95 octane gasoline will cost 152 Syrian pounds, about $1.16, while a liter of 90 octane gasoline will cost 147 Syrian pounds, about $1.12. The price of a liter of diesel was set at 125 Syrian pounds, about $0.95.

The price of a household gas cylinder remained unchanged at 1,470 Syrian pounds, about $11.22, while the price of an industrial gas cylinder stayed at 2,350 Syrian pounds, about $17.94.

The adjustments to petroleum product prices come amid continuing fluctuations in global oil markets and a review of domestic factors affecting costs.

The pricing mechanism is based on periodic assessments that can lead to increases or decreases, “to ensure that price bulletins accurately reflect the actual economic conditions at the time,” according to the Petroleum Products Pricing Committee.

The committee previously said that oil prices in global markets are among the main factors affecting the domestic pricing formula.

It also said that price assessments take into account changes in local economic conditions in order to reach precise recommendations based on a comprehensive analysis of the various factors affecting the energy sector.

In the same context, the committee said several direct factors are included in the pricing mechanism, most notably exchange rate fluctuations, import or production costs, transportation, shipping, operating and maintenance expenses, as well as the level of technical readiness.

Oil and Gold Rise in Global Trading

Oil and gold prices rose in trading yesterday, Thursday, September 3, for different reasons. Renewed tensions and skirmishes between the United States and Iran increased the risk premium in the crude oil market, while gold benefited from a weaker US dollar, lower US Treasury yields, and reduced expectations of interest rate hikes.

Brent crude futures rose 1.1% to around $96.70 a barrel after touching $97.60 during the session, their highest level in six weeks.

The increase followed new US strikes, described as the largest direct confrontation between the two sides since July.

Market concerns increased after Israeli Defense Minister Israel Katz threatened that Israel would “paralyze” Iran’s military and civilian infrastructure, including energy facilities, if Tehran launched new attacks.