Lebanon increases fuel prices by more than 35% amid crisis

BEIRUT: Lebanon's energy ministry on Tuesday increased gasoline and fuel prices by 35%, a move that could lead to a sharp increase in prices of most commodities in the crisis-hit country.

The hike came days after caretaker prime minister, Hassan Diab, granted approval for financing fuel imports at a rate higher than the official exchange rate, effectively reducing critical fuel subsidies. Lebanon is going through an unprecedented economic and financial collapse, coupled with a monthslong political deadlock over the formation of a new government.