Fuel Prices In Lebanon Are Now 16 Times Higher Than 2021

AP Photo/Hussein Malla

The fuel prices in Lebanon have been continuously rising, and people have become unable to access their basic needs due to that. As a result, the fuel crisis is only getting worse.

On June 17th, 2021, the Octane 95 fuel plate costs 43,500 LL, while one year later, on June 15th, 2022, the same fuel plate cost 691,000 LL, according to Information International Sal. This indicates a price 16 times higher.

This huge rise in fuel prices is occurring due to several main factors. One of them is the international price of the petroleum barrel which increased from 25$ to 125$.

Other main factors of the fuel crisis are the increase in fuel taxes received by the government and the total removal of the gasoline subsidies which were provided by Banque du Liban. That has resulted in the increase in demand for USD as the local currency further deteriorates.

The government and station owners are benefiting from increasing the fuel prices, but this leaves the Lebanese citizens in agony, unable to fill their cars and thus unable to commute.

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Fuel Prices In Lebanon Are Now 16 Times Higher Than 2021

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