Lebanon to raise fuel prices to ease shortage

A decision to change the exchange rate will led Lebanese fuel prices to double, which might ease the fuel shortages crisis that have left Lebanon in chaos.

However, the decision taken in an emergency meeting by the president, central bank governor and other officials did not address whether they will lift the exchange rate for pricing fuel to the exchange rate at which the central bank finances its imports.

The fuel crisis has worsened when the central bank said, this month, it would not finance fuel imports at the ongoing subsidised exchange rate; and that it would switch to market rates instead.

The government then refused to change official selling prices, which created a limbo between importers and suppliers.