Lebanon Will Reportedly Lift The Fuel Subsidy On Tuesday

Beirut Municipality Is Fining Closed Gas Stations Storing Gasoline
Executive Magazine

Lebanon is reportedly set to officially lift the subsidy of fuel on Tuesday, MTV reported on Monday.

A meeting will be held on Tuesday involving caretaker Deputy-PM Zeina Akar, caretaker Ministers Raymond Ghajar (Energy) and Raoul Nehme (Economy), and Central Bank Governor Riad Salameh to discuss the lifting of the gasoline and diesel fuel subsidy, according to MTV.

When the subsidy is lifted, the price of fuel will become linked to the exchange rate of the Lebanese pound against the U.S. dollar on the black market, which means that the price of a can of 20 liters of gasoline will reach close to $20.

One of the reported proposals being considered for the aftermath of this decision is to launch a platform that enables every owner of a registered car with no outstanding fees to benefit from four cans at a subsidized price, from specific gas stations.

Regarding diesel fuel, hospitals and bakeries will reportedly be exempt from the decision, in order to prevent spikes in the price of bread and medical bills.

The news comes around a month after caretaker Energy Minister Raymond Ghajar urged the Lebanese to prepare for the inevitable end of the Lebanese Central Bank’s fuel subsidy.

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Lebanon Will Reportedly Lift The Fuel Subsidy On Tuesday

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