Lebanon tells importers to supply stored fuel bought before subsidy end

Importers warned of a huge shortage of already scarce fuel and demanded that the same exchange rate must be used for buying and selling fuel. Lebanon has been suffering from an acute fuel shortage for months with hours-long queues outside of gas stations clogging the country’s streets from north to south. Oil importers and facilities must supply the quantities of fuel they had already purchased before the central bank announced the effective lifting of subsidies on Wednesday night, Lebanon’s oil directorate said on Friday. Lebanon’s government has objected to the central bank’s move, leading to a stalemate at the lowest point of a two-year financial crisis that has seen the Lebanese pound lose 90% of its value and driven more than half the population into poverty. Importers warned of a huge shortage of already scarce fuel and demanded that the same exchange rate must be used for buying and selling fuel.

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Joie Cooper

May your coffee be strong and your Monday be short. Coffee connoisseur. Part time writer, writes about politics in middle east and anything interesting