The price of gasoline dropped by LL300 to LL20,000.
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The sharp decline in the price of oil failed to afford struggling Lebanese consumers any kind of reprieve from excessive costs as the country's already ailing economy continues to creak beneath the weight of over 1.1 million registered refugees.The prices of 20 liters of gasoline fell by LL300 Wednesday to reach LL20,000 .However, the decline in the price of oil has benefitted the Finance Ministry as it has helped reduce state-owned Electricite du Liban's massive annual deficit.Prior to the drop in the price of oil, the electricity deficit varied between $1.8 billion to $2 billion a year.In 2015, total remittances fell by more than 27 percent and economists fear that the capital inflows could fall further this year if the prices of oil continued its sharp fall.
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