The new government of Lebanon has decided to raise fuel prices by nearly 38% on Friday in an effort to mitigate the lifting of subsidies and reduce crippling gasoline shortages.
Fuel stations remained shut down as drivers waited in lines all night hoping to buy some of the scarce fuel left available.
The new Energy Minister Walid Fayyad hiked the price of 20 litres of 95-octane and 98-octane gasoline increased to 174,300 ($11.24) and 180,000 ($11.64) Lebanese pounds respectively, which is equivalent to just over a quarter of the country’s minimum wage, Al Jazeera reported.
This could signal the government's move towards lifting fuel subsidies.
On Tuesday Hezbollah’s secretary-general revealed that a more fuel-laden vessel is set to head out of Iran towards Lebanon in the future, saying his group seeks for a part of Lebanon’s fuel needs to be met using Iranian imports.
On Wednesday, Albawaba reported that the Egyptian natural gas will reach Lebanon through Jordan and Syria by the end of the year after pipelines maintenance, submitting a funding request to the World Bank, and deal reviews.
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