Syria says fuel price hike temporary amid refinery overhaul
QAMISHLI, Syria (North Press) – Syria’s Ministry of Energy said on Sunday that a recent increase in fuel prices is temporary and driven by exceptionally high global procurement costs and maintenance at the Baniyas refinery.
The ministry said that the refinery has entered a comprehensive overhaul expected to last about two months, temporarily reducing domestic refining capacity and increasing Syria’s reliance on imported refined petroleum products.
According to the ministry, Syria currently needs around 300,000 barrels per day of oil and petroleum products, while domestic crude production stands at about 100,000 barrels per day.
It added that about 60 percent of Syria’s diesel supply depends on imports. Daily diesel needs total around 7.72 million liters, including 4.63 million liters imported from abroad.
The ministry indicated that refined fuel markets are facing pressure from disrupted supply routes, higher shipping and insurance costs, and damage to refining capacity in Russia and the Middle East.
It added that diesel prices have approached $1,400 per ton and gasoline around $1,350 per ton, while Brent crude has hovered near $100 per barrel.
The price adjustment is intended to maintain a financing cycle for successive fuel shipments and prevent shortages in the local market, the ministry said.
It added that prices will be reviewed as global market conditions change and domestic refining capacity returns after the Baniyas maintenance work is completed.