LebanonEconomyMiddle East

Lebanon: Oil Prices Register Additional Hike as Pound Hits New Record Low

Oil prices in Lebanon have registered an additional hike on Tuesday as the country’s currency slid to a new low against the US dollar.

Several Beirut currency exchangers said the Lebanese pound was trading at around 27,200 per dollar, exceeding an all-time low.

The currency has now lost more than 93% of its value since summer 2019, when it began to split from the rate of 1,500 pounds per dollar at which it had been pegged since 1997.

Meanwhile on Tuesday, the price of gasoline (95 octanes) has increased by LBP 10,800 to 318,800 and the price of gasoline (98 octanes) has increased by LBP 11,200 to 329,800, National News Agency (NNA) reported.

It added that the price of diesel has increased by LBP 17,800 to 338,900, while the price of a gas cylinder has increased by LBP 13,700 to 293,500.

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