Lebanon hikes fuel prices by more than a third as consumers reel

Experts warn fuel subsidy slash is risky while Lebanese households are under severe, ongoing financial strain.

Lebanon’s energy ministry dealt a serious blow to the already besieged pocketbooks of the country’s struggling consumers on Tuesday by raising fuel prices by more than 35 percent. The move was widely expected after the government effectively slashed fuel subsidies last week as it struggles to deal with a surge in global commodity prices and an ever-deepening economic and financial crisis. The energy ministry said the average price of 20 liters (roughly 5.5 gallons) of 95-octane gasoline has gone up by 35 percent to 61,100 Lebanese pounds ($4 at parallel market exchange rates), while diesel prices have shot up by 38 percent to around $2.7.