Central Bank OKs Seven Imported Fuel Ships

The central bank will give pre-approvals to all seven oil importing companies to import seven fuel ships, according to TV channels.

Sources informed the LBCI TV channel on Monday that “five of the seven ships have already reached the Lebanese waters and have been waiting for days.”

The two other ships are on their way to Lebanon, the LBCI said.

The fuel price for these 7 shipments will be subsidized at an exchange rate of LBP 8,000 per dollar.

Before that the central bank had supported fuel imports at an exchange rate of 3,900 LBP to the dollar up from the official rate of 1,500 LBP to the dollar.

The central bank said last month it could no longer afford to provide importers with dollars at any preferential rate, but leaders reached a compromise with the 8,000 rate.

Dire shortages have seen Lebanon's people struggle to find enough fuel to drive to work or power back-up generators during near round-the-clock electricity cuts.

Motorists have become caught up in long lines outside the petrol stations that have remained open.