The price of a 95-octane gasoline tank climbed by about 9,000 LBP, reaching about 243,000 LBP, while a 98-octane tank hit 250,000 LBP, and a gas bottle reached 200,000 Lebanese pounds.
However, despite the issue of a new price schedule, the filling facilities refused to deliver the gas today, claiming that it was unfair to them and that it would result in losses, and demanded that gas bottles be priced according to the black market dollar rate.
The black market dollar hit 21,000 LBP, gasoline prices skyrocketed reaching 250,000 LBP and electricity is cut off 24 hours a day, seven days a week… What about the government? As a result of political strife, the country is on the edge of collapsing, and there is a complete lack of information about measures to deal with difficulties. The situation before and after the creation of the cabinet a month ago did not alter; contrary, it deteriorated. Is the cabinet working quietly, or is its primary goal to prepare for the legislative elections rather than to contain the collapse?
Dr. Pierre El Khoury, an economist, weighs in on the subject.
Following his meeting with Prime Minister Najib Mikati, World Bank Regional Director for the Middle East and North Africa, Saroj Kumar Jha stated, “In the next days, the focus will be on building a social safety net program for emergencies, and commencing reforms in the energy sector.”
He emphasized that the World Bank may provide technical aid and support, but that the Lebanese government must oversee the reform process, and that progress has been made in this sector.