Lebanon announced another increase in fuel prices on Wednesday. Just one week after the last fuel price hike.
The new Lebanese Minister of Energy and Water, Walid Fayyad, issued the new prices – edging closer to fully lifting the fuel subsidies.
The new prices are as such:
20 litres 95-octane is 206,400LL – increased by 4,000LL
20 litres 98-octane is 213,500LL – increased by 4,200LL
20 litres diesel oil is 183,600LL – increased by 20,900LL
A tank of household gas now costs 143,400LL
Representative of the Syndicate of Gas Station Owners in Lebanon George Brax has predicted last week that the total lifting of fuel subsidies would take place in this gradual manner.
This is the 3rd hike in just over a week.
Lifting of fuel subsidies is widely believed to solve the fuel shortage and crisis in Lebanon where subsidized fuel is being sold at the black market and smuggled to Syria. However, Syria currently has a 1 million liter per month deficit.
Shortly after the fuel price hike last week, Syria announced an increase in fuel prices – maintain a profitable incentive for smuggling to continue.
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