Crisis-Hit Lebanon Hikes Fuel Prices in De Facto End to Subsidies
Crisis-Hit Lebanon Hikes Fuel Prices in De Facto End to Subsidies
Lebanon raised fuel prices on Wednesday in a de facto end to state subsidies, pushing the cost of filling a vehicle’s tank to more than the monthly minimum wage in the poverty-stricken nation.
Subsidies were gradually phased out over the past few months to shore up diminishing foreign currency reserves at the central bank, which could no longer fund fuel imports.
A revised price list published by the energy ministry set the cost of 20 liters (5.3 gallons) of 95-octane petroleum at 302,700 Lebanese pounds, or around $15 at the black market rate.
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