The Lebanese government announced on Sunday that it was increasing gasoline prices by 66% in a partial reduction of fuel subsidies as it attempts to ease crippling shortages that have brought the country to a standstill.
The rise in 95-octane gasoline prices would take effect directly, the government said in a statement. It follows the state’s decision on Saturday to change the exchange rate used to price petroleum products in a bid to ease the shortages.
The fuel crisis worsened this month when the central bank said it could no longer finance fuel imports at heavily subsidised exchange rates and would switch to market rates.
The rise in prices will mean more difficulty in a country where poverty levels have risen during a two-year-long financial meltdown that has wiped more than 90% off the value of the Lebanese pound.
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