Lebanon: Government hikes petrol prices again to tackle shortages

Lebanon’s new government hiked petrol prices by nearly 38% on Friday in an effort to dial back subsidies and reduce crippling gasoline shortages.

Beirut, Lebanon – The Lebanese energy ministry hiked petrol prices again on Friday – this time by almost 38 percent – as the country continues to dial back fuel subsidies to tackle crippling shortages.

According to an official document signed off by newly installed Energy Minister Walid Fayyad, 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.

That is equivalent to just over a quarter of the country’s minimum wage.