Lebanon announced another fuel price increase, the state-owned NNA stated Friday.
The new prices are:
- 20 liters of 95-octane is 233,800 LL – increased by 27,400 LL
- 20 liters of 98-octane is 241,400 LL – increased by 27,900 LL
- 20 liters of diesel oil is 207,900 LL – increased by 24,300 LL
- A tank of household gas is priced at 178,800 LL – increased by 35,400 LL
This is the fourth time prices increased since the Central Bank of Lebanon started offering credit lines for fuel imports based on the market rate back in August. With that move, it ended years of fuel subsidies that have drained the country’s reserve since the financial collapse.
The aim of these subsidies has been to help consumers. However, it has also created a huge incentive for hoarding and smuggling.
Since fuel prices are still cheaper in Lebanon, the incentive to sell it in Syria for a profit has yet to be diminished.
