Lebanon raises fuel prices for 2nd time in 5 days
ABC News
Lebanon’s new energy ministry says it is raising the price of fuel by 16% percent
BEIRUT -- Lebanon’s new government raised the price of fuel on Wednesday by 16%, the second time in five days, part of a gradual lifting of subsidies in the crisis-struck country.
The new hike brings the price of fuel, in short supply, closer to black market rates and comes after warnings from Lebanon’s central bank that it can no longer continue to subsidize fuel purchases that have drained its foreign reserves. The ministry of energy announced the new prices in a statement.
The new government, confirmed by parliament this week, said lifting subsidies — which account for billions of dollars — would be among its priorities.
Lebanon has been experiencing a crippling economic and financial crisis, which the World Bank has described as one of the worst in the world in the last 150 years.
