Pound Required for Fuel Sales
A permanent government committee on 23 June 2026 recommended that all petroleum products be priced and sold in Syrian pounds (SYP) within the country, and the measure was approved for immediate effect. It applies to petroleum product sales operations across Syrian territory.
The energy minister endorsed the recommendation and directed that it be implemented without delay, making the national currency the required unit for fuel transactions inside the country.
Committee Behind the Decision
The recommendation came at the first meeting of the permanent committee for pricing petroleum products and mineral resources, chaired by the deputy energy minister for petroleum affairs, Ghiyath Diab.
The committee brings together representatives of the Ministry of Finance, the Ministry of Economy and Industry, the Central Bank of Syria, and energy-sector institutions, giving the main financial and economic bodies a direct hand in fuel pricing.
Anchoring the Local Currency
Officials framed the step as a way to promote dealings in the national currency, organize the local market, and bring stability to transactions in the petroleum sector.
By requiring the Syrian pound for petroleum sales, the policy seeks to channel a large category of everyday commerce through the local currency rather than foreign units.
Prices Reviewed Periodically
The committee said it would hold regular meetings to review the factors that shape fuel prices, including world oil prices, production and transport costs, the Syrian pound's exchange rate, and related economic indicators.
It committed to submitting updated recommendations to the energy minister based on technical and economic data as conditions change.
A Step Toward the Pound
Pricing fuel in a single, locally set currency concentrates a strategic sector under domestic monetary control and ties its day-to-day costs more closely to the pound's performance.
The committee's standing role suggests fuel pricing will now follow a defined institutional process, with the currency requirement as its first formal output.