Lebanon launches new application for fuel pricing

Lebanon launches new application for fuel pricing

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2023-04-19 | 09:28

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Lebanon launches new application for fuel pricing

Lebanon's Minister of Energy and Water in the caretaker government, Walid Fayad, launched "Lebanon Fuel Price," a new application for fuel pricing.

During a meeting in the presence of stakeholders in the sector, Fayyad said that the application includes the prices of 95-octane gasoline, 98-octane gasoline, diesel oil, and gas, pointing out that this step is a new and advanced stage of the fuel sector's march that started since the government assumed its duties in September 2021. 

He emphasized that the indirect support that was affecting the fuel sector in Lebanon by fixing the rate of the US dollar at LBP 1,500 made the treasury lose huge annual sums without necessarily targeting the poor and people with limited income, adding that after the exchange rate of the currency collapsed, the fuel subsidy to keep it below the high ceilings became very costly, emptying the country of hard currency. 

Fayad declared, "In light of this reality, we in the ministry started a process of gradually raising subsidies on fuel "dollars" until we reached the complete removal of this subsidy, and prices became directly linked to the global oil price on the one hand, and