Lebanon News

Lebanon raises gasoline prices again, virtually ending subsidy

FILE PHOTO: People wait in cars to get fuel at a gas station in Zalka, Lebanon, August 20, 2021. Picture taken August 20, 2021. REUTERS/Mohamed Azakir/File Photo

BEIRUT: Lebanon's Energy Ministry raised gasoline prices for the second time in less than a week, effectively ending its fuel subsidy.

The price of 95-octane gasoline and 98-octane gasoline were raised by around 15 percent and the new rates -- LL202,000 and LL209,000 for 20 liters respectively -- are to be implemented immediately.

Worsening gasoline shortages across Lebanon have led to hours-long queues to get barely any fuel, with violence sometimes erupting at gas stations.

The Energy Ministry had already hiked fuel prices by 37 percent Friday. The new fuel prices were based on an exchange rate of LL14,000 to the dollar as per the Central Bank's foreign exchange platform, Sayrafa, Tuesday although it remains below the parallel market where it was just under LL16,000.

 

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