Lebanon to raise fuel prices in bid to ease crippling shortages

0
22

A view shows cars stuck in a traffic jam near a gas station in Jiyeh, Lebanon, August 13, 2021. REUTERS/Aziz Taher

  • Move spells higher prices, but does not end subsidies
  • Decision taken at emergency meeting amid national chaos
  • Public servants to get one month salary as emergency aid

BEIRUT, Aug 21 (Reuters) – Lebanese fuel prices are expected to double after the state decided on Saturday to change the exchange rate used to price petroleum products in a bid to ease crippling shortages that have brought Lebanon to a standstill.

Amounting to a partial reduction in fuel subsidies, the rise will mean more hardship in a country where poverty levels have soared during a two-year-long financial meltdown that has wiped more than 90% off the value of the Lebanese pound.

The decision was made at an emergency meeting attended by the president, central bank governor and other officials over a fuel crisis that has left Lebanon in chaos, paralysing basic services and…

Read more…