Lebanon increases fuel prices by more than 35% amid crisis

Lebanon energy ministry has increased gasoline and fuel prices by 35%, a move that could lead to a sharp increase in prices of most commodities in the crisis-hit country

BEIRUT -- Lebanon's energy ministry on Tuesday increased gasoline and fuel prices by 35%, a move that could lead to a sharp increase in prices of most commodities in the crisis-hit country. The hike came days after caretaker prime minister, Hassan Diab, granted approval for financing fuel imports at a rate higher than the official exchange rate, effectively reducing critical fuel subsidies. Lebanon is going through an unprecedented economic and financial collapse, coupled with a monthslong political deadlock over the formation of a new government. The developments pose the gravest threat to the small country’s stability since the end of its civil war three decades ago. The World Bank said the crisis is among the worst the world has seen in 150 years.