(Credit: João Sousa/L’Orient Today)
Banque du Liban fully lifted the subsidy on gasoline yesterday, raising gas prices and causing protesters to block the roads. BDL had gradually decreased the portion of dollars supplied to fuel importers at the Sayrafa platform exchange rate, from complete subsidization in March down to 20 percent more recently. Georges Brax, a spokesperson for the Gas Station Owners’ Union, told L'Orient Today that fuel prices will now be calculated at the parallel market exchange rate — about LL35,700 to the dollar, around LL7,000 higher than the Sayrafa rate. On Monday, the Ministry of Energy, which has set fuel prices since late last summer, priced 20 liters of 95-octane and 98-octane gasoline at LL638,000 and LL653,000, respectively — an LL20,000 increase. The Director General of Petroleum at the Ministry of Energy said Thursday there could soon be two price updates in a single day if there are significant fluctuations in the exchange rate and international crude oil prices.
“We are ready to play the role of liaison between the different parties in order to elect a president before Oct. 31,” the deadline to elect Lebanon’s next president, MP Hagop Pakradounian (Metn/Tachnag) said after a meeting with Forces of Change MPs, launching their presidential election initiative. Forces of Change MPs inaugurated the first round of meetings to define the profile of the next Lebanese president starting with discussions with members of the Tachnag and Kataeb parliamentary blocs on Monday. Representatives from the three blocs said that the talks were “positive.” Maronite Patriarch Bechara al-Rai said on Sunday he does not intend to host his own meetings with Christian leaders, calling on current President Michel Aoun to not overstay his term at the presidential palace. While Aoun has said he would vacate office at the end of his mandate, delays in government formation sparked concerns that the president would refuse to leave if no successor is elected by the deadline.
Amos Hochstein, the US mediator in the indirect maritime border negotiations between Lebanon and Israel, presented “new proposals” during his visit to Beirut last week, caretaker Foreign Affairs Minister Abdallah Bou Habib said Monday, while keeping the proposals confidential. Bou Habib reported that Israeli and US leaders agreed on the importance of “reaching an agreement this month or next month.” Hochstein said in Beirut Friday that “there is still work to be done” to solve the tensions sparked by Israel’s deployment of a vessel to the Karish gas field, parts of which have been disputed during maritime border negotiations. On Sunday, Israeli army Chief of Staff Aviv Kochavi threatened to retaliate “if [Israel’s] interests are harmed or its citizens are harmed.” This threat followed Hezbollah leader Hassan Nasrallah’s own threats to retaliate against Israel if Lebanon’s rights were infringed.
Lebanese Forces head Samir Geagea said his party’s parliamentary bloc will abstain from voting on the 2022 budget draft law, adding that LF and Kataeb MPs will miss the first budget discussion session scheduled for Wednesday in order to commemorate the assassination of former president Bachir Gemayel. Geagea criticized the draft budget law as lacking “a clear rescue plan” and not befitting “a country going through all the current crises.” MP Ghassan Hasbani (Lebanese Forces/Beirut I), a member of the Finance and Budget committee, said last week there is a “lack of clarity” in the budget. The Finance and Budget Committee completed its review of the long-delayed draft budget on Aug. 25 and forwarded the law for discussion by Parliament. Meanwhile, Parliamentary sessions are scheduled for Wednesday, Thursday and Friday of this week. Geagea added on Monday he is “keen on Lebanon's cooperation with the International Monetary Fund,” which in April listed the budget among the reforms Lebanon needs to implement to unlock a multi-billion dollar aid package.
In case you missed it, here’s our must-read story from yesterday: “Why 1982 still haunts Lebanese memories”
Compiled by Abbas Mahfouz