LONDON: Syria said on Thursday it has cut the price of industrial fuel oil to $400 per tonne from $475 in a bid to lower production costs, support manufacturers and boost the competitiveness of domestic industries.
Energy Minister Mohammed Al-Bashir told the state-run SANA news agency the move is intended to ease financial pressure on factories, sustain industrial output and improve market stability.
“The reduction in the price of industrial fuel oil is part of the government’s efforts to support the industrial sector, encourage manufacturers, strengthen the competitiveness of Syrian products and ease the burden on production facilities,” Al-Bashir said.
He added that the measure would also benefit consumers by increasing the supply of locally produced goods at lower prices and improved quality.
“Supporting industry is a direct investment in the national economy,” he said. “Lower production costs improve the competitiveness of Syrian products and bring us closer to greater market stability.”
