Lebanon crisis

Lebanon to allow industries to directly import diesel amidst shortages

Published: Updated:
Read Mode
100% Font Size

Lebanon will allow industries to import diesel directly amidst worsening fuel shortages, the caretaker industry minister said on Monday, effectively removing the subsidy for the fuel product.

“Subsidies for diesel will stop and we consider it stopped,” Imad Hoballah said after the meeting.

Lebanon is battling an economic meltdown, described by the World Bank as one of the deepest depressions of modern history, that is threatening its stability.

For all the latest headlines follow our Google News channel online or via the app.

Shortages of fuel and other basic goods have worsened in the past month.

Monday’s decision came after a meeting with President Michel Aoun to try and solve the issue of diesel shortages for factories.

Hoballah said it was decided to allow industrialists to directly import diesel and some other petroleum derivatives without prior permission from the government, a requirement when the fuel was subsidized.

Fuel shortages have caused long power cuts and an increased reliance on private generators, that use diesel.

Read more:

Lebanon to consult MPs to designate new prime minister: Presidency

Two rescued bears head for US from crisis-hit Lebanon

Explainer: Lebanon’s financial meltdown and how it happened

Top Content Trending