Cooking gas rises, petrol falls, and state electricity dominates the scene
Petrol prices in Lebanon fell this week while the household gas cylinder became more expensive, and gold continued to rise, with the ounce reaching $4,018. Meanwhile, Banque du Liban raised the monthly withdrawal ceilings for depositors under Circulars 158 and 166, slightly increasing the cash available to households. The electricity sector remained at the heart of the crisis, with power cut to official institutions including Beirut Municipality and Ogero centres, ahead of a special cabinet session on Thursday. On the investment front, the UAE-based Al Habtoor Group announced its intention to sell all its assets in Lebanon, a step raising concerns over tourism and jobs.
Prices and living costs: cheaper petrol, costlier gas
The price of a 95-octane petrol canister fell to 2,569,000 lira from 2,611,000 lira previously, and 98-octane to 2,587,000 lira from 2,629,000 lira, slightly easing daily transport costs. Diesel stayed almost stable at 2,604,000 lira against 2,608,000 lira. By contrast, the 10 kg household gas cylinder rose to 1,610,000 lira from 1,545,000 lira, an increase of 65,000 lira that directly hits cooking and heating budgets. Gold also rose, with the ounce at $4,018 against $3,957 and the 21-carat gramme at about $113.04 against $111.32, raising the value of gold savings.
The lira and the banks: higher withdrawal ceilings and a tax dispute
The official dollar rate held at 89,500 lira, while the euro stood at 100,176 lira against 100,194 lira previously. Banque du Liban raised monthly withdrawal ceilings for depositors: about $600 a month under Circular 166 (including $200 via bank card) and about $1,200 under Circular 158 (including $400 via card), slightly increasing the cash available to households. Meanwhile, the banking sector faces a tax claim from the Finance Ministry of between $500 and $600 million linked to accounting differences in the valuation of Eurobonds; the banks say it is based on unrealised book profits and strains their liquidity, while the ministry says the issue concerns how losses and provisions are counted in the tax base and that it is protecting the Treasury's rights.
Services: power cut to official institutions and internet at risk
Electricité du Liban escalated its stance, with power cut to ministries and official institutions including Beirut Municipality, and to Ogero centres, threatening internet services in 17 areas; electricity also went off at water and telecom stations and schools in Akkar and the north because of accumulated bills. The cabinet is holding a special session at 3 p.m. on Thursday 5 November 2026 to follow up the electricity file. Energy and Water Minister Joseph Saddi said closing the electricity deficit requires investments of between $3 and $4 billion, that the Lebanese section of the gas pipeline with Syria is ready with import contracts prepared for cabinet approval, and that Lebanon has received a full Qatari offer on electricity, with the decision now in the government's hands.
Public finances: grey list, licences, budget and IMF talks
According to Al-Akhbar, Lebanon remained on the Financial Action Task Force grey list, while economist Jassem Ajaka, in an MTV Lebanon piece, expected it to stay there and warned of the consequences of stalling on required reforms. Banque du Liban revoked the licence of Iran Saderat Bank in Lebanon, with no stated details on the reasons or consequences in the available text. A budget worth $7 billion is being put before the Lebanese alongside the start of tax amendments, and a meeting was held at the Grand Serail in preparation for Lebanon's talks with the International Monetary Fund. Separately, the cabinet approved $24 million for the Public Corporation for Housing in next year's budget, after about seven years without housing loans.
What to expect: eyes on Thursday and the fallout of the UAE exit
Attention is focused on the special cabinet session on electricity on Thursday 5 November 2026, and on whether the government will decide on the Qatari offer and the gas pipeline with Syria. If concrete steps are approved, rationing hours could ease, but any radical solution remains tied to multi-billion-dollar investments according to the energy minister. Meanwhile, the fallout of Al Habtoor Group's decision to sell all its assets in Lebanon is expected to show in tourism and jobs, especially in hotels and real estate. Households will watch how the higher monthly withdrawal ceilings affect their cash, while the tax dispute between the banks and the Finance Ministry remains unresolved.
What to watch
- The special cabinet session on electricity on Thursday 5 November 2026 and its outcome.
- The fate of the Qatari electricity offer and the government's decision on it, along with the gas pipeline with Syria.
- The evolution of the tax dispute between the Finance Ministry and the banks over a claim of between $500 and $600 million.
- The impact of Al Habtoor Group selling its assets in Lebanon on tourism and jobs, and follow-up on preparations for the IMF talks.