Lebanon raises fuel prices by 66% as it tries to ease shortages

Beirut: The Lebanese government said on Sunday that it was raising gasoline prices by 66% in a partial reduction of fuel subsidies as it seeks to ease crippling shortages that have brought the country to a standstill.

The increase in 95-octane gasoline prices would take effect immediately, the government said in a statement. It follows the state's decision on Saturday to change the exchange rate used to price petroleum products in a bid to ease the shortages. The fuel crisis worsened this month when the central bank said it could no longer finance fuel imports at heavily subsidized exchange rates and would switch to market rates.