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Fuel prices register another increase in Lebanon

Oil prices have once again increased in Lebanon, with the price of 95 octane gasoline up by LBP 4,500, 98 octanes by LBP 4,200, and the price of diesel spiking up by LBP 10,100.

As such, the new prices are as follows:

  • For one tank of 95 octanes, LBP 308,500
  • For one tank of 98 octanes, LBP 317,600
  • For one tank of diesel, LBP 292,600
  • For one tank of cooking gas, LBP 251,100

Fuel prices have increased countless times over the last few months, as the country battles its worst financial and economic crisis to date. In October, fuel subsidies were lifted in their entirety after Prime Minister Najib Mikati assumed office. Filling up a tank of gasoline currently costs more than Lebanese minimum wage.

As such, the value of gasoline now fluctuates with market forces—increasing significantly in recent weeks due to the sharp and continuous deprecation of the Lebanese lira, which lost more than 90 percent of its value against the dollar and today trades at around LBP 22,000 per USD 1.

The government has yet to set a social safety net in the country to protect its most vulnerable communities. According to Mikati, the government hopes to reduce the country’s crisis via a financial bailout plan in coordination with the International Monetary Fund (IMF).

In a recent economic conference, Mikati said preliminary talks with the IMF are moving forward. “For the first time we have unified numbers” given to the IMF, said the prime minister, referring to the disagreements between the government, the central bank, and local lenders.

While Mikati did not set a specific date for the resumption of talks, he said that “things are moving on the right track” and that he hopes Lebanon will have a letter of intent soon.