Syria raises gasoline prices by 20% as oil soars on world markets

Syria raised gasoline prices on Thursday by 20 percent, a state-run newspaper said, as the Arab state faced a decrease in oil production while oil rose to a record above US$96 a barrel on world markets. The price of gasoline was raised to 36 Syrian pounds (74 cents) a liter from 30 pounds (60 cents), Syria's official newspaper Al-Thawra reported. The new price went into effect Thursday. This price is still low compared to world prices, as the Syrian government subsidizes fuel and other vital commodities.