Lebanon's energy ministry 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.
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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.
The price of gasoline, which in Lebanon is calculated for 20 liters (about 5.5 gallons) reached 62,000 Lebanese pounds at the 35% increase, or about $3.60 according to black market rates. Despite the hike, motorists still lined up at gas stations Tuesday to fill their tanks. Diesel increased 38%, to 46,100 pounds – about $2.70 on the black market.
Fuel distributors representative Fadi Abu Shakra urged calm. He was quoted by the Lebanese state news agency, NNA, as saying that six fuel tankers began offloading oil products after midnight on Monday to ease demands.
