Lebanon Hikes Fuel Prices Amid Economic Crisis

Lebanon raised its fuel prices on Oct. 20 by about 25 percent as the government removed all subsidies on petroleum products amid a worsening economic crisis.

Local Lebanese media National News Agency reported that the price of 20 liters of 98-octane gasoline has shot up to LBP 312,700, increasing by LBP 62,000 to half of Lebanon’s minimum wage.

The increase was largely triggered by fuel shortages in the global market — it also came in the middle of an economic crisis in Lebanon that has already sent more than half of the population into poverty.

Lebanon’s central bank has been gradually phasing out subsidies for fuel, with the latest price hike reflecting the end of the subsidies, after it began running out of reserves to fund fuel imports.

Protests against the price hike broke out in Beirut and other parts of the country, with some calling for a raise in minimum wage and social safety nets from the Lebanese government.

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