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العالم

Lebanese Energy Ministry raises gasoline prices by more than 30%

Gasoline prices

The Lebanese Ministry of Energy raised gasoline prices, again, today, Friday, to more than 30% of the price in force during the past days.

According to a document issued by the Ministry of Energy, the price of gasoline 95 and gasoline 98 rose by more than 37%.

Lebanon is suffering a major economic and living crisis that has led to the collapse of the lira to unprecedented levels, resulting in several complex crises.

Gasoline prices

Lebanon is experiencing a crisis of fuel shortages, which is largely reflected in various sectors, including hospitals, bakeries, communications and foodstuffs, in the midst of an economic collapse that has been going on for two years, which the World Bank has ranked among the worst in the world since 1850.

Last August, Lebanon raised fuel prices by between 50 and 70 percent, in a step that comes within the framework of the gradual lifting of fuel subsidies with the depletion of the dollar reserves at the Banque du Liban, while the country plunges into a downward spiral of economic collapse.

During the past months, the ability of the Electricité du Liban to provide nutrition to all regions gradually declined, which led to the increase in rationing hours to exceed 22 hours per day.

Private generators are no longer able to provide the diesel needed to cover the hours of power outages.

Yesterday morning, dozens of tankers loaded with Iranian diesel, which was brought in by Hezbollah from its main supporter, Tehran, entered Lebanon from neighboring Syria, according to what an AFP correspondent reported on the impact of popular receptions.

The convoy includes 80 tanks, with a capacity of 4 million liters, to be unloaded at the warehouses of the municipality stations in the city of Baalbek, which has been on the US sanctions list since 2020, before being distributed later according to a list of priorities set by the party.

Edge of collapse

In a related context, the Secretary-General of Economic Authorities, Nicolas Shammas, announced that “60% of the institutions and shops have been closed in Lebanon since 2019.”

He stressed that “if the situation continues as it is and the government does not implement the desired reforms, this percentage will exceed 70% from now until the end of the year.”

Shammas explained that “the size of the overall economy in Lebanon decreased from 55 billion dollars before the crisis to 18 billion dollars last year, meaning that the rate of decline exceeded two thirds.”

Al-Ikhiyaar warned that “the Social Security Institution is on the brink of an abyss,” and said: “We, as economic bodies, are actively present on the Social Security Fund’s board of directors and have numbers.

After these figures were $7 billion before the collapse, today, according to the market price, they are around $500 million, meaning that what remains of the employees’ lifetime earnings is $500 million.”

Shammas pointed out that “unemployment in Lebanon has now exceeded 60%, and this is a described disaster, while disguised unemployment is close to 90% if we take into account salary, permanence, and productivity.”

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