Lebanon Businessnews News
 

Central Bank: Fuel shortage due
to black market and smuggling
$828 million in fresh money in July alone for fuel imports
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Despite the support of the Central Bank (BDL) citizens continue to suffer from shortages of diesel and other fuels, said Riad Salameh, Governor of BDL. “Diesel at subsidized prices has vanished. A black market has emerged,” he said in a statement.

The Central Bank accused traders of smuggling fuel outside the country or hoarding it in order to sell it on the black market.

Around $708 million for gasoline and diesel and $120 million for fuel oil imports for Electricité du Liban (EDL) were sold in July by BDL to importers at a subsidized exchange rate.

Salameh said this problem cannot be tackled by laying the blame on the Central Bank. He said that the crisis could not be solved until State officials assume their responsibilities to ensure that subsidized fuels reach citizens directly instead of the black market.
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Date Posted: Jul 30, 2021