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Lebanon: Central Bank stops subsidies for gasoline

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(ANSAMed) – BEIRUT, AUGUST 12 – Gasoline prices in Lebanon may soon increase by at least five times: the media in Beirut said today following the announcement by the Lebanese Central Bank to stop subsidies for fuels in the context the financial collapse that took place in Lebanon and the consequent unprecedented economic crisis in recent decades.

For years, the Central Bank ensured US dollar subsidies for importing fuel. But following the financial default and the collapse of the Lebanese lira against the dollar (a greenback is now traded at more than 20 thousand lire, while in 2019 it was worth 1,500 lire), the bank in via Hamra no longer has the resources to ensure grants.

It is now up to the Ministry of Energy, headed by an outgoing minister following the resignation of the Beirut government a year ago, to set the new prices.

These, according to estimates by Lebanese newspapers, will increase by at least five times, thus causing further difficulties for Lebanese consumers already exhausted by the effects of the collapse of Lebanon, the collapse of the local currency and the soaring prices of essential services and consumer goods. (ANSAMed).

News”Middle East”