Lebanon raises fuel prices for 2nd time in 5 days
BEIRUT (AP) — Lebanon’s new energy ministry says it is raising the price of fuel by 16% percent. The Wednesday price hike is the second in five days, part of a gradual lifting of subsidies in the crisis-struck country. The new hike brings the price of fuel, in short supply, closer to the black market rates and comes after repeated warnings from Lebanon’s central bank that it can no longer continue to subsidize fuel purchases that have drained its foreign reserves. The new government, sworn in this week, said lifting subsidies, which account for billions of dollars, would be among its priorities.
