The governor of the Lebanese central bank Riad Salameh informed the country’s Higher Defense Council that the bank is no longer able to subsidize fuel purchases and cannot open lines of credit for fuel imports – al-Jadeed TV reported on Wednesday citing a source familiar with the matter.
Following the meeting, Energy Minister Raymond Ghajar stated that if the fuel subsidy stops, prices will be unpegged and linked to the exchange rate of the US dollar on the parallel market.
The announcement arrives amid Lebanon’s severe economic crisis that among other issues resulted in nationwide fuel shortages and prolonged power cuts. Private power generation that supported the country for many years has become too expensive amid rising prices.
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