Lebanon just raised the fuel prices for the third time in one week.
The Lebanese Energy Ministry issued on Wednesday new fuel prices as follows:
95-octane gasoline: 441,000 LBP (up from 425,000 LBP).
98-octane gasoline: 450,000 LBP (up from 434,000 LBP).
Consequently, the Lebanese pound is now trading at 23,000 LBP to $1, the highest in a while.
Lebanese financial journalist Omar Tamo commented: “Diesel, used to generate electricity, hiked by 38% in one week, while gasoline prices are up by about 20%. Oil prices are soaring after Russia invaded Ukraine, while the Lebanese lira is now sinking.”
The Russo-Ukrainian military conflict is destabilizing the world that started to prepare for the heavy consequences as soon as Russia launched its invasion.
In addition to forcefully freezing Ukraine’s imports and trades with the world, the war has brought economic sanctions on Russia, affecting fuel prices worldwide, as well as the Russian citizens.
On Saturday, the Lebanese people woke up to the dreary deja-vu scene of hours-long queues at gas stations.
The representative of Lebanon’s fuel distributors, Fadi Abu Chakra, warned that fuel stock in the country “will not last for more than four or five days,” adding that several contacts were made a day prior with fuel companies.
The war in Ukraine is impacting Lebanon and will leave a heavy mark on many other countries.
More than 2 million people from Ukraine, among them Lebanese nationals, have already crossed the borders to safety, with hundreds of thousands of Ukrainians landing in the uncertainty and destitution that is the life of refugees.
Lebanon is also facing the consequences of that war on its wheat supplies from Ukraine. The Minister of Economy and Trade, Amin Salam, said that there are only enough wheat resources to last for one month, and Lebanon is seeking new countries to import wheat from.
