Fuel prices in Lebanon continue to rise amid the severe economic crisis

Fuel prices picked up again this Wednesday in Líbao amid a severe economic crisis and after the authorities announced the end of subsidies for this product, according to the latest price table released by the government.

The 20 liter cylinder with 95 octane fuel already costs more than 242,000 Lebanese pounds, 9,000 more than last week, while the 98 octane cylinder, which is difficult to access in the market, is more than 250,000 pounds.

Fuel prices in Lebanon continue to rise amid the severe economic crisis
Fuel prices in Lebanon continue to rise amid the severe economic crisis

The 20 liters of diesel also exceed 235,000 pounds, around 10,000 more than two days ago, while the gas cylinder for domestic use exceeds the limit of 200,000 pounds, as the Lebanese state news agency NNA has collected.

However, the supply of gas cylinders was suspended on Friday after traders accused the Bank of Lebanon of causing losses to the sector by withdrawing subsidies due to the difficult access to fuel and fuel for the population due to high prices.

The country was also the scene of a national blackout during the day on Saturday that lasted 24 hours as two power plants were shut down due to a lack of fuel.

Service could be restored after the army sent fuel from its reserves, confirmed Lebanese Energy Minister Ualid Fayad, who said the fuel supplied to Electricité du Liban (EDL) guarantees operation “for three days”.

In the midst of one of the worst economic crises in recent history, the Lebanese population has been hit by a worsening fuel shortage in recent months and the majority of the population is dependent on private electricity producers.

Countries like Iran have pledged to continue supplying Lebanon with fuel to mitigate the effects of the crisis, but the country suffered a virtually irreparable blow on October 1 when Turkish company Karpowership ended its electricity supply activities to Lebanon upon termination of yours Contract announced with EDL.

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