| 4 March 2024, Monday |

On lifting fuel subsidy’s eve…Iranian tanks entered

On the Iranian fuel tanks entry’s eve into Lebanon, the night was not similar to any other night regarding the fuel crisis in Lebanon. Less than twelve hours before the entry of Iranian fuels, the General Directorate of Oil issued a decision preventing oil importing companies from delivering fuel to all their customers in Lebanon. This decision was considered surprising. A following-up source confirmed to “Sawt Beirut International”, that this official Lebanese decision has two goals. The first is Hezbollah’s exclusiveness in entering fuel into Lebanon, so that there will be no tankers on Lebanese soil except for Syrian tankers loaded with Iranian fuel. The other one concerns a complete subsidy lift on diesel, as an agreement has been reached between Governor of the Banque du Liban Riad Salameh and Prime Minister Najib Mikati, according to “Sawt Beirut International” information, and implementation has already begun.

As for gasoline, and the ongoing crisis that has intensified since the beginning of this week, with more than 90% of Lebanon’s stations refusing to receive the material, and the stock of fuel importing companies reaching below the red line, i.e. what is known as Dead Stock, and according to private information to “Sawt Beirut International”, President Mikati asked The Governor of Banque du Liban, Riad Salameh, to try controling the exchange rate of the dollar, and to postpone the lifting of subsidies on gasoline, for at least a period of two weeks, that is, until the end of this month. This prompted the Governor of the Banque du Liban to refrain from paying the dues of the companies importing fuel, and only announced his intention to continue the support, which led to a decrease in the exchange rate on the black market, but the result is no gasoline, and more humiliation in the upcoming days.