Economy Minister Alain Hakim vowed to crack down Monday on companies benefiting from the recent drop in oil prices, but not passing on their savings to consumers.
“The ministry will strike with an iron fist [when it comes] to controlling prices and preventing monopolization or fraud,” Hakim said at a news conference.
He did not name what companies or industries would be monitored or investigated, but made clear he was referring to those which are profiting from the oil price drop.
Addressing institutions accused of manipulating prices, Hakim said he would also ensure that products whose prices have not dropped as a result of the oil slump would not become more expensive as soon as the price of oil rises.
In that pursuit, Hakim announced the reactivation of three ministerial departments to increase monitoring and control over prices.
He said he has revived the National Council for Prices, the Technical Office for Prices, and is set to reactivate the Technical Committee for Prices, which plays a consultative role within the ministry.
Giving an example of price manipulation in light of the oil slump, Hakim cited reports that claimed petroleum distribution companies were refusing to provide gasoline to gas stations at the current market prices. Instead, distribution companies are demanding prices that exceed the current market value by LL700 - this week’s expected inflation rate.
Hakim said that if the reports were confirmed, the issue would be referred to the judiciary.
Middle East Airlines Monday announced that it had reduced surcharge costs to reflect the drop in oil prices.
Last month, the Sidon Municipality in southern Lebanon obliged several owners of private generators to cut their prices due to the drop in diesel costs following a wave of complaints.
North Lebanon Governor Ramzi Nohra also asked owners of generators to cut their prices last month.
