Beirut: The Lebanese government raised fuel prices on Tuesday, after approving last week to effectively cut fuel subsidies, a measure aimed at reducing crippling deficiencies but which would increase pressure on poor consumers.
The average price of 95-octane gasoline is set at 61,100 Lebanese pounds ($ 40.58) per 20 liters, an increase of 15,900 pounds, or 35% higher, the Ministry of Energy said in a document.
Diesel prices are set at 46,100 pounds, up 12,800 pounds, or 38%, the document shows.
The Lebanon Central Bank said on Monday it would begin to provide credit lines to import fuel at 3,900 Lebanese pounds against the dollar, a weaker level of 1,500 pounds offered under the subsidy program.
However, the dollar changed hands around 16,700 pounds on Tuesday in the parallel market, said one market participant.
Lebanon in the upheaval of the financial crisis described by the World Bank as one of the deepest depression of modern history.
The driver has queued for hours to get gasoline that almost no past few weeks that often lead to cruel fighting.
Sporadic barriers throughout Lebanon, with several protesters blocking the highway by burning garbage containers, it has spread in the past few days because frustration has grown, according to a witness Reuters.
($ 1 = 1.505.7000 Lebanon pounds)