Lebanon raises fuel prices following settlement – Roya News English

Lebanon raises fuel prices following settlement – Roya News English

Sunday, Lebanon raised fuel prices by between 50-70 percent, in a step that comes within the framework of the gradual lifting of fuel subsidies with the depletion of the dollar reserves at the Banque du Liban.

Fuel prices in Lebanon, which has been witnessing an economic collapse for two years that the World Bank has ranked among the worst in the world since 1850, have now risen nearly three times in just two months. 

Lebanon has been witnessing a severe fuel crisis for months, which worsened this month with the Banque du Liban announcing its intention to open credits to purchase fuel in dollars at the black market price of nearly 20,000 pounds per dollar, which sparked panic among the people who flocked to gas stations for fear of a massive increase in prices.