Lebanon’s central bank officially lifts subsidies on fuel amid worsening crises

Lebanon has officially lifted the subsidies on fuel according to a statement released by the central bank on Wednesday evening.

Lebanese central bank governor Riad Salameh said earlier on Wednesday that he could no longer open lines of credit for fuel imports or subsidize its purchase, Lebanon’s al-Jadeed TV quoted him as saying in a meeting of the Supreme Defense Council.

Lebanon’s central bank announced that, as of Thursday, it will “secure the necessary credits related to fuel imports, using the same previous mechanism, but by calculating the price of the dollar on the Lebanese pound according to market prices.”

The statement pointed out that it is up to the Ministry of Energy to determine the new prices for fuels.

The representative of fuel distributors, Fadi Abu Shaqra, told a local TV station: “We leave the pricing of fuels to the Ministry of Energy, because I personally cannot utter the new estimated prices which is also pending confirmation of the implementation mechanism.”

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