A document seen by Reuters showed that Lebanon raised the official price of gasoline, starting today, Wednesday, for the second time in two weeks.
The new price of octane 98 gasoline for consumers was set at 209,300 Lebanese pounds, or about $15 for 20 liters of gasoline, and the price of octane 95 gasoline was set at 202,400 pounds.
And last Friday, the Lebanese Energy Ministry announced a 38% increase in the price of motor fuel, which was the fourth this year, to reduce subsidies that the government said was unsustainable.
At that time, a member of the Gas Station Owners Syndicate, George Al-Barraks said, “This is the penultimate stage of lifting the subsidy, and I expect that the subsidy on gasoline from here until this month will reach its last stage and will be lifted permanently, and all fuels will become unsubsidised.”
Lebanon worked to curb fuel prices by providing the dollar at subsidized exchange rates that are much lower than the price of the pound on the black market, with the aim of protecting citizens affected by the collapse of the currency.
The World Bank says Lebanon’s economic meltdown is one of the worst recessions in history.
The lira has lost more than 90% of its value since 2019, 3 quarters of the population slipped into poverty, the banking system was paralyzed, and the local currency crisis led to a shortage of vital imports, including fuel.