The Lebanese Central Bank’s fuel subsidies will be removed soon, George Brax, representative of the Syndicate of Gas Station Owners in Lebanon revealed on Tuesday.
Lifting fuel subsidies will happen when the Banque du Liban stops providing credits on the basis of 8,000 Lebanese pounds per U.S. dollar, which is “a matter of days” for the total removal of subsidies, Brax told the VDL radio station.
The price of a gasoline can (20 liters) in Lebanon is set to reach around LBP 300,000 – LBP 350,000, Brax affirmed, indicating that the removal of fuel subsidies could take place before the implementation of the planned cash card.
“But the question is, will the subsidy be lifted without a financing card? And are we going to lift subsidies or liberalize imports?” he said.
The Energy Ministry’s Monday meeting was dedicated to considering new mechanisms for when subsidies are lifted completely, Brax noted.
In late June, the Lebanese Parliament approved a cash card project that is meant to serve as a safety net for vulnerable families in the aftermath of the anticipated removal of subsidies.
However, the project has yet to be implemented even as state subsidies of essential commodities are fading away.
