Lebanon on Sunday raised fuel prices by nearly 70%, which have practically tripled in two months since the central bank began in June to cut subsidies for imports in the country in the midst of an economic collapse. According to the new price list published on Sunday by the National Information Agency ANI, that of unleaded petrol 98 and 95 increases by 67% and 66% compared to the last prices announced on August 11. As for the household gas cylinder, its price increases by 50%.
This increase will reverberate throughout the economy and drive up prices in the country affected by hyperinflation. With the crisis, prices in supermarkets are increasing almost from week to week, due to a depreciation of the Lebanese pound that nothing seems to stop.
Due to shortages, many gas stations do not open and endless lines form in front of those accepting customers. Since the fall of 2019, Lebanon has been going through one of the worst economic crises in the world since the mid-19th century, according to the World Bank.