• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry

Lebanon's Energy Crisis Worsens As Central Bank Cuts Subsidies

Lebanon’s central bank said on Wednesday that it would end the subsidies for fuel amid a country-wide energy crisis.

Instead, the central bank will extend lines of credit for fuel importers at the current market price—a decision that will increase fuel prices—as much as four fold—at a time when energy shortages are already rampant in the country.

The subsidies will officially end on Thursday.

The central bank said it can no longer afford to subsidize the fuel, which it has done since the start of the country’s financial crisis.

The higher cost of fuel will hit the impoverished—which is more than 50% of the population— particularly hard. Lebanon’s currency has already seen a 90% loss in value over the span of the last two years.

Lebanon has been plagued with fuel shortages that have triggered widespread blackouts and outbreaks of violence as the desperate public tries to get its hands on the fuel.

On Monday, three people were killed in an eruption of violence over the scarce resource that has lasted for months as the central bank attempts to keep its citizenry in imported fuel. 

Lebanon’s electricity company has instituted rolling blackouts that restrict power to about an hour a day to both homes and businesses. It is dependent on imported fuel.

Hospitals in Lebanon have had to cut air conditioning and lights in some cases, and are concerned they may have to close.

While Lebanon has endured continuous rolling blackouts since its civil war decades ago, it has only in the last two years reached this level of intensity.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News