Energy Minister Walid Fayad assured Monday that “the stock of fuel [in Lebanon] is sufficient for at least 15 days.” Meanwhile, cars continued to queue at gas stations for a third consecutive day as fear of both fuel price hikes and shortages rose.

Here’s what we know:

    • The minister toured fuel importing companies along with the director-general of the Economy Ministry, Mohammad Abou Haidar. The media outlet al-Markaziya quoted Fayad as saying that his “tour aims to inspect stocks … and ensure that the products will be delivered to citizens.” The outlet added that Fayad insisted there is “no need to panic.”

    • A member of the gas station owners' syndicate Georges Brax said Monday that “the lines [in front of gas stations] will lengthen more today.” Brax added that “there is no ceiling for the price of gasoline, which depends on the dollar-to-lira exchange rate and the price of a barrel of oil on the world market.”

    • Global oil prices have risen above $100 per barrel since Russia invaded Ukraine on Feb. 24 unleashing chaos in the global oil market.

    • On Saturday, Culture Minister Mohammad Mortada said that fuel “tankers will be unloaded on Monday or Tuesday at the latest.” Head of the fuel importers’ syndicate Maroun Chammas told the LBCI news channel that “the market could experience an oil shortage in March due to the difficulty in finding sources.”