Prices at pump soar in Lebanon after new subsidy cut

Lebanese wait in a queue outside a closed petrol station in Beirut's Hamra district in this file picture taken on August 20, 2021BEIRUT - Lebanese fuel prices soared by up to 70 percent Sunday after yet another subsidy cut, official figures showed, heaping more pressure on people struggling to make ends meet in the cash-strapped country.

The latest cut, which is expected to cause price hikes for other key commodities, comes as the Mediterranean country is mired in one of the world's worst economic crises since the 1850s. The refusal of many petrol stations to sell what they do have saw the army deploy this month to seize hoarded fuel and distribute it to the needy.

Most people in Lebanon earn wages in the local currency, the pound, which has lost more than 90 percent of its value against the US dollar on the black market since 2019.The central bank on Saturday agreed to support fuel imports at an exchange rate of 8,000 pounds to the dollar, up from a rate of 3,900 to the greenback set during a first de facto subsidy decrease in June.

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