Left Menu
Development News Edition

UPDATE 2-Lebanon energy ministry delays petrol tender one week

UPDATE 2-Lebanon energy ministry delays petrol tender one week

Lebanon's energy ministry delayed a fuel tender by one week on Monday to allow for more competition as it seeks to stave off supply shortages during the worst economic crisis in decades.

The ministry is trialling a state tender for 150,000 tonnes of 95 octane gasoline and has received offers from two companies. The tender, which aims to supply around 10% of the country's needs, is a first in import-dependent Lebanon, where private companies usually procure fuel.

Gas stations suspended a strike on Friday to hold talks with authorities, after shutting down across the country and complaining of losses from buying dollars on the black market. Caretaker Energy Minister Nada Boustani has said private buyers recently sought to hike petrol pump prices to compensate for the rising cost of dollars on the parallel market, now the main source of hard currency.

The country's economic crisis has been long in the making and now come to a head. The Lebanese pound has slumped as much as 40% below the official dollar peg rate in recent days on the parallel market and a hard currency crunch has left many importers unable to bring in goods, forcing up prices. Since protests erupted on Oct. 17 and with political gridlock over forming a new government, pressure has piled on the financial system. Banks have curbed U.S. dollar withdrawals and blocked nearly all transfers abroad.

The central bank said in September it would prioritize foreign currency reserves for fuel, medicine and wheat, though buyers must still supply 15% of their dollar needs. Fuel imports had since resumed, but traders were asking for 100% of the bill in U.S. dollars to keep buying.

Boustani said on Monday she hoped the central bank would re-evaluate its plan to deal with the ministry under the same mechanism that covers 85% of the dollar need for importing fuel, rather than all of it. "We took the decision (to postpone) to guarantee more competition and get the best prices for the Lebanese state," she told a press conference.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Hyderabad Encounter: Time to review modern judiciary and restore people’s confidence

Its probably for the first time in the history of independent India, the parliamentarians, chief ministers and ministers in the Union and State governments are openly supporting an encounter. This indicates the people from top to bottom hav...

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...


Latest News

UPDATE 3-Russia banned from Olympics, World Cup and other big events for cheating over doping

Russia was banned from the worlds top sporting events for four years on Monday, a period that includes the next summer and winter Olympics and the 2022 World Cup in Qatar, for tampering with doping-related laboratory data.The decision by th...

UPDATE 1-New Zealand volcano webcam captures tourists in crater moments before eruption

A webcam set up on New Zealands White Island volcano shows at least one group of tourists were inside the crater moments before it erupted and blanketed the area in a massive ash cloud.A crater rim camera owned and operated by New Zealand g...

Unidentified body of boy found in Noida's Sector 79

The body of an unidentified boy was found with head injuries at an isolated ground in Noidas Sector 79 on Monday morning, police said. The boys body, who was said to be around 12-years-old, was found lying on the ground around 9 am after wh...

Girls chalk up a victory in the fight against street harassment at Dilli Haat

To rally support and action for girls who are time and again subjected to eve-teasing and street harassment, around 100 young women in Delhi came together at Dilli Haat to raise awareness on safety issues on streets through a Chalk Back eve...

Give Feedback