| 26 February 2024, Monday |

Economy Ministry warns monopolists after the surge in prices of fuel, wheat, and oil

The Russian-Ukrainian war formed a new excuse for traders to raise the prices of food commodities imported from the two countries, and to monopolize huge quantities of it in their warehouses. This heralds of the start of a serious economic crisis.

The insane and unprecedented surge in prices of fuel, wheat, oil and other commodities, imposes two scenarios: Finding an alternative to the Ukrainian markets to secure basic needs, and putting an end to the merchants who are taking advantage of the crisis to reap profits.

The Ministry of Economy and Trade had warned traders “of manipulating in sales operations, or monopolizing foodstuffs in order to achieve illegal profits. The ministry said that it will not hesitate to take precautionary measures against anyone who manipulates the country’s food security.”

The Lebanese are in a state of panic, amid warnings of the outbreak of a food crisis that threatens several Arab countries, including Lebanon.

  • Sawt Beirut International