Lebanon’s Central Bank Just Dropped Fuel Subsidies Once Again

HUSSEIN MALLA

The Central Bank and the Ministry of Energy and Water have informed oil importing companies that gasoline subsidization will be lowered by another 15% as of the beginning of this week, sources told LBCI.

According to the new scheme, the importing companies will now get 45% of their dollars through the Sayrafa platform on Sayrafa’s rate and 55% from the black market on its rate.

Under the previous scheme, they used to get 70% of their dollars via Sayrafa and 30% from the black market.

Many stations were closed on Sunday across Lebanon, with long car queues in front of open ones.

Last week, the Central Bank lowered the fuel subsidies by 15%.

Related: Fuel Prices Just Increased In Lebanon, Here Are The Details

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Lebanon's Central Bank Just Dropped Fuel Subsidies Once Again

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