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FinancialNews
22-08-21
Lebanese fuel prices expected to double
(MENAFN)Following the state decision to change the exchange volume used to price petroleum products to relieve crippling lacks that have brought Lebanon to a standstill, Lebanese fuel prices are estimated to increase.
The increase will mean more adversity in a country reaching to a limited reduction in fuel subsidies where poverty levels rose during a two-year-long financial meltdown that has removed more than 90 percent off the value of the Lebanese pound.
During an emergency meeting attended by the president, central bank governor and other officials over a fuel crisis that put Lebanon in chaos, paralysing basic services and sparking daily melees as people scramble for fuel, the decision was made.
The decision did not fully raise the exchange rate for pricing fuel to the exchange rate at which the central bank will finance its import — a gap that the state is going to continue to finance, for now.
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