Fuel Prices Increased 66% by Lebanon for Easing Fuel Shortage
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It was on Sunday, August 22, 2021, when the Lebanese government made an announcement in regards to the changes to the fuel prices. The government was increasing the price of gasoline in order to fight off a major problem it is currently facing.
On Sunday, it was announced by the government of Lebanon that a 66% increase in the price of gasoline was introduced. The government announced that it was going to be because of the reduction of the fuel subsidies that were implemented partially on gasoline.
The government clarified that as of now, the country is facing one of the worst shortages for gasoline and fuel in the country. This is the reason why the fuel generation of the country is currently crippled. The entire country at the moment is in a state of standstill.
This is the reason why they had to do something quickly in order to contain the situation and stop it from worsening. The government announced that the shortage of fuel and gasoline is being felt throughout the country. Therefore, the government had to take the necessary action in order to deal with the situation swiftly and effectively.
According to the government of Lebanon, increasing the price of fuel would eventually control its consumption all over the country. This way, the country would be able to find some ease in terms of extraction and refinery of fuel from the sources. The country would also be able to experience a rise in the supply of fuel once the strategy comes into play.
In the announcement, the government of Lebanon announced that the price for the 95-octane gasoline would be increased right away. The government revealed that the decision to change the exchange rate for fuel was made back on Saturday, August 21, 2021.
The government of Lebanon has revealed that it has earned the confidence of the central bank of Lebanon before it made the announcement. The government revealed that the decision was unanimous among the government members and the executives at the central bank of Lebanon.
The Lebanese government also clarified that the rise would be for the benefit of the program but would be less than the global fuel prices to stay in the competition.
While the government of Lebanon has made the decision to handle the fuel shortage dilemma, it is going to cause yet another major problem for the population in the country.
There are several people in Lebanon that are currently dealing with poverty and it is constantly growing in the country. However, the price surge for fuels in the country would make the matters worse.
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