Gasoline Prices Reach Record Highs in Lebanon
Energy Minister Jebran Bassil signed the weekly fuel price update on Saturday after a four-day delay, which saw the price of the 98-graded fuel skyrocket to LL40,000.
Bassil, who usually signs the price update each Wednesday, procrastinated in his signature over fears of a backlash due to an additional LL300 rise in the price of gasoline.
The price of the 95-graded fuel now stands at LL39,300.
Despite the new records in the cost of gasoline, the price of diesel oil dropped by LL300.
The head of the Association of Petroleum Importing Companies, Maroun Shammas, told LBC TV that the Lebanese should not react negatively to the price hike, saying the increase was global.
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