Uncertainty, fear prevails as Lebanon lifts fuel subsidies ...Kuwait

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Uncertainty, fear prevails as Lebanon lifts fuel subsidies
Petrol prices jumped by up to five times on Thursday in some parts of Lebanon, after the Central Bank of Lebanon (BDL) officially announced it would stop subsidising fuel imports to the country on Wednesday. Prior to Thursday, Lebanon had some of the cheapest petrol in the world. The decision to lift subsidies caused panic as the cost of filling an average-sized sedan jumped to about 765,000 Lebanese lira ($36) - which exceeds the monthly minimum wage - from around 175,000 lira ($8.30) the day before. Caretaker Prime Minister Hassan Diab called the Central Bank (BDL) decision's to cancel the subsidies "illegal", and that the move was made "unilaterally" by the bank. H

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