In a written statement made by Coral Gas Company, it was stated that for the first time since the company was founded, it has not been able to supply gasoline to its stations as of today due to the depletion of fuel in their warehouses. In the statement of Coral, it was noted that a shipload of imported gasoline has been waiting in territorial waters since 11 August due to unfulfilling conditions for unloading.
In the country, where a deep fuel crisis is experienced, hospitals, commercial enterprises, and bakeries, as well as companies that import fuel, face the danger of closing.
In the written statement made by the Central Bank, it was stated that the foreign currency loans to be provided for fuel will be implemented as of August 12. So it will be calculated at the free exchange rate (black market) in the market instead of the official rate, and thus the fuel subsidy will be abolished.
Protesters closed roads in different parts of Lebanon earlier, angry over the central bank’s decision to end subsidies for fuel products. The decision was likely to lead to a hike in prices of almost all commodities amid a paralyzing economic crisis.