Fuel Prices Hiked in Lebanon after Baabda Deal

Fuel Prices Hiked in Lebanon after Baabda Deal

Lebanon’s Directorate General of Oil on Sunday announced a hike in the prices of gasoline, diesel and cooking gas based on a deal that was reached at Saturday’s meeting in Baabda.

In a statement, the Directorate said the new prices became applicable as of Sunday morning.

Below are the new prices:

- 20 liters of 98-octane gasoline: LBP 133,200

- 20 liters of 95-octane gasoline: LBP 129,000

- 20 liters of diesel oil: LBP 101,500

- One cylinder of cooking gas: LBP 90,400

Lebanese officials had on Saturday agreed to a short-term compromise to maintain fuel subsidies. Earlier this month, the central bank said it could no longer support fuel imports at a preferential exchange rate, in what many saw as a de facto end to subsidies.

Widespread panic ensued, with distributors scaling back deliveries until new prices were announced and desperate motorists forming long queues outside petrol stations.

At a time when state electricity supply is almost non-existent, diesel has also been in short supply to run back-up generators to power homes, businesses and even hospitals.

On Saturday evening, the presidency announced approval of a "request for the Bank of Lebanon to open a temporary account to cover urgent and exceptional subsidies for fuel."

A kitty of up to $225