| 28 May 2024, Tuesday |

Lifting fuel subsidies within days

Member of Gas Station Owners’ Syndicate, George Braks, revealed that the fuel subsidy will be lifted within days, noting that matters are being studied in coordination between the Ministry of Energy and Banque du Liban to take the alternative decision.

He explained via a radio interview, that there are two options: either lifting the subsidy, so the issue remains in the hands of the Banque du Liban in terms of agreeing to import fuels, but at the market price, or liberalizing the import, so the matter becomes in the hands of the importing companies, which requires a study to determine the approved mechanism and determine prices.

Braks stressed that in this case, the market will be eased, and smuggling and monopoly will be controlled, but the matter will have negative repercussions on the exchange rate on the black market.