Tuesday, Lebanon raised fuel prices by more than 30 percent, in a move that comes within the framework of partially lifting fuel subsidies with the depletion of the dollar reserves at the Banque du Liban.

For weeks, the Lebanese have been waiting for hours in long queues in front of gas stations, which adopted a policy of severe rationing in the distribution of gasoline and diesel fuel. The ability of the Electricité du Liban to provide electricity has also gradually decreased, bringing the daily rationing hours to 22 hours.

According to the new price list published by the official National Media Agency in Lebanon, the price of a can of 95-octane gasoline (20 liters) exceeded 60,000 pounds ($40.60 dollars according to the official exchange rate), after an increase of about 16,000 pounds. The price of a can of 98-octane gasoline is about 63,000 ($42), after an increase of 16,300 pounds. The price of a diesel fuel tank exceeded 46,000 pounds ($30.70), after an increase of 12,800 pounds.

In light of the economic collapse, which the World Bank ranked this month among the three most severe economic crises in the world since the middle of the last century, the Banque du Liban was supporting the import of fuel through a mechanism whereby it provides 85 percent of the total value of the import cost, according to the official exchange rate fixed at 1507 Lira, while importers pay the remaining amount according to the black market exchange rate, which exceeded 17,000 last week.

In light of the depletion of the Central Bank's reserves, the authorities began a few months ago to search for rationalizing or lifting subsidies on the import of basic commodities such as flour, fuel and medicines, to begin gradually without an official announcement to lift subsidies on several commodities.

Caretaker prime minister, Hassan Diab, granted last week an exceptional approval to finance the import of fuels at a price of 3,900 pounds to the dollar instead of 1,500 pounds. The Central Bank announced on Monday that it would open credit lines for importing fuel according to the new price.

The National News Agency quoted the representative of fuel distributors, Fadi Abu Shakra, on Tuesday morning, that six ships off the shores began unloading their cargoes of fuel at night.

Officials linked the current crisis to two main factors: hoarding, and smuggling to neighboring Syria. The security forces periodically announce the arrest of those involved in smuggling operations and raids of warehouses where large quantities of diesel and subsidized gasoline are stored.

With the inability of the authorities to find rescue solutions to put an end to the prolonged crisis, the repercussions of the collapse are becoming more and more evident in the realities of the Lebanese, more than half of whom are now living below the poverty line and feeling the weight of an exceptional decline in their purchasing power.