Wazni: Government plans to gradually increase prices at fuel stations, reduce gasoline subsidies

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16-03-2021 | 11:01
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Wazni: Government plans to gradually increase prices at fuel stations, reduce gasoline subsidies
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Wazni: Government plans to gradually increase prices at fuel stations, reduce gasoline subsidies
Lebanon is scaling back food subsidies and will gradually raise gasoline prices to save dwindling foreign reserves, Caretaker Finance Minister Ghazi Wazni told Bloomberg on Tuesday.
 
The central bank has $16 billion left in foreign reserves, of which only $1 billion to $1.5 billion can be used to fund subsidies, enough for two to three months, Ghazi Wazni said in an interview. 

“Lebanon can no longer continue with the same pace of subsidies,” Wazni said, without giving a time frame for the changes. 
 
“It costs $500 million a month, $6 billion a year. That’s why the government made the decision to rationalize subsidies and reduce them on some items,” he added.
 
He also noted that the government will remove certain products, including cashew nuts and some branded coffees, from the subsidized list partly because they were smuggled abroad for profit. 
 
“It also plans to gradually increase prices at fuel stations in the coming months, reducing gasoline subsidies to 85% from 90%,” Wazni added.
 
This as he stressed that subsidies on wheat, medicines and fuel for electricity generation remain for now.
 
“The decision has been taken to reduce subsidies on the food basket,” he said.
 
“The decision that needs to be taken in the coming weeks is the gasoline. Last month, during the lockdown, we had the same consumption so we think something’s wrong,” Wazni noted.
 
 
 
 
To watch the full report, please click on the image above. 
 
 
 
 
 

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