Cost of Fuel Exceeds Minimum Wage in Lebanon

Lebanese bank customers hold pictures of the owners of Lebanese banks calling them "the enemies of society", during a protest in downtown Beirut, Lebanon, 11 June 2022. (EPA)
Lebanese bank customers hold pictures of the owners of Lebanese banks calling them "the enemies of society", during a protest in downtown Beirut, Lebanon, 11 June 2022. (EPA)
TT
20

Cost of Fuel Exceeds Minimum Wage in Lebanon

Lebanese bank customers hold pictures of the owners of Lebanese banks calling them "the enemies of society", during a protest in downtown Beirut, Lebanon, 11 June 2022. (EPA)
Lebanese bank customers hold pictures of the owners of Lebanese banks calling them "the enemies of society", during a protest in downtown Beirut, Lebanon, 11 June 2022. (EPA)

The price of a 20 liters of fuel crossed the minimum wage in Lebanon for the first time since the eruption of the country's economic crisis.

The cost of fuel reached 700,000 Lebanese pounds, or 25 dollars, on Saturday, while minimum wage stands at 675,000 LL.

The cost of fuel has risen with the rise of the dollar against the pound and surge in fuel prices around the world due to the Ukrainian crisis.

Fuel distributors met on Saturday to address the crisis.

Representative of the distributors, Fadi Abu Shakra blamed the crisis on the rise of oil prices worldwide and the hike in the dollar rate on the Sayrafa platform and black market.

The people will no longer be able to handle the burden with fuel selling at 700,000 pounds, he added.

Despite incurring losses, the distributors have never waned in providing fuel to the people, he stressed.

He revealed that the distributors have requested an urgent meeting with caretaker Energy Minister Walid Fayyad to address the difficulties they are facing.

Owners of gas stations are suffering losses due to the great fluctuation in the exchange rate of the dollar to the pound, Abu Shakra said.



Trump Cites Progress on Gaza Hostage Talks

Trump Cites Progress on Gaza Hostage Talks
TT
20

Trump Cites Progress on Gaza Hostage Talks

Trump Cites Progress on Gaza Hostage Talks

US President Donald Trump on Thursday said progress was being made regarding the return of the hostages being held in Gaza and that he was dealing with both Israel and Hamas, but he gave no other details about the talks.

Israel resumed its war against Hamas in Gaza last month after an eight-week ceasefire collapsed. The ceasefire brought a much-needed reprieve from the fighting to war-weary Palestinians in Gaza and sent an infusion of humanitarian aid to the territory. It also led to the release of 25 living Israeli hostages held in Gaza and the return of the remains of eight others, in exchange for hundreds of Palestinian prisoners.
Mediators have since attempted to bring the sides to a bridging agreement that would again pause the war, free hostages and open the door for talks on the war's end, something Israeli Prime Minister Benjamin Netanyahu said he won't agree to until Hamas is defeated. Hamas wants the war to end before it frees the remaining 59 hostages it holds, 24 of whom are believed to be alive.
The war, which was sparked by Hamas' Oct. 7, 2023, attacks on southern Israel, has seen the deadliest fighting between Israelis and Palestinians in their history. It has ignited a humanitarian crisis in already impoverished Gaza, and has sent shockwaves across the region and beyond.