Fuel prices slip, cooking gas rises, and the banks-depositors file escalates
Fuel prices fell in the latest price schedule, with a canister of 95-octane petrol dropping from 2,569,000 to 2,492,000 Lebanese pounds, while a cooking gas cylinder rose from 1,545,000 to 1,610,000 pounds. The official dollar rate held at 89,500 pounds and gold remained at $4,072 per ounce. On the state and banking front, the standoff between the Association of Banks and the Ministry of Finance over amended tax declarations continues, with banks warning of burdens nearing $600 million that could affect depositors' funds. This comes as an IMF team is expected in Beirut to push bank restructuring talks, with the Fund saying a support programme still requires major reform progress.
Fuel prices down, cooking gas up
The fuel price schedule showed declines in petrol and diesel: a canister of 95-octane petrol fell from 2,569,000 to 2,492,000 pounds, 98-octane from 2,587,000 to 2,510,000 pounds, and diesel from 2,604,000 to 2,579,000 pounds. By contrast, the 10-kg household gas cylinder rose from 1,545,000 to 1,610,000 pounds, an added cost for families relying on gas for cooking and heating. Gold held at $4,072 per ounce, with the 21-carat gram at $114.56 versus $114.55 previously.
Banks confront the Finance Ministry
The Association of Banks of Lebanon is moving to reject the Finance Ministry's demand to amend tax declarations for 2020-2024, particularly on exchange-rate differences and Eurobond provisions, warning of burdens nearing $600 million that could shift part of funds earmarked for depositors to the Treasury. The association stressed it rejects making depositors bear the cost of the state's failure, while Finance Minister Yassine Jaber insisted that addressing the financial crisis requires banking-sector reform and international financial cooperation. The IMF said a team will visit Beirut to push bank restructuring talks, and that the Constitutional Council's decision keeps the core framework of the banking law intact.
Youth unemployment bites as sectors demand their rights
Reports addressed youth unemployment in Lebanon with figures described as shocking, indicating two-thirds of young people are jobless, putting a whole generation at growing risk. In the north, the land transport sector staged a sit-in outside the Tripoli Serail to demand drivers' rights and protection of their livelihoods, warning of escalation if demands continue to be ignored. The educational guidance committee for the afternoon shift announced a sit-in outside UNICEF offices in Beirut to demand the return of 400 educational counsellors to the afternoon shift.
Better power for Jezzine as imported medicine dominates
Lebanon's state electricity company said it moved a 20 MVA transformer from the Jeb Jannine station to the Boulos Arqash station with army support, to compensate for a transformer that failed on 29 September 2026 and caused a sharp supply shortage in Jezzine, Iqlim al-Kharroub and nearby areas. On health, Industry Minister Joe Issa El Khoury said Lebanon still imports more than 70% of its medicines despite having advanced factories, calling for support for local medicine and a review of public procurement policies. Prime Minister Nawaf Salam also discussed the tariff file and raising productivity with the new board of Electricité du Liban.
2027 budget without new taxes, and the arbitration file advances
Finance and Budget Committee chair MP Ibrahim Kanaan said discussion of the budget articles has been completed, stressing rejection of tax increases amid a shrinking economy and trapped depositors' funds, and noting that suspended articles concern existing fees rather than new ones. Finance Minister Yassine Jaber said the 2027 draft budget aims to boost revenues and improve financial management without imposing new taxes, warning that delayed support raises the cost of recovery. Separately, the Al Habtoor Group announced the sale of all its hotels, properties and land in Lebanon after a dispute with the state, claiming more than $1.7 billion before the International Centre for Settlement of Investment Disputes.
What to watch
- The IMF team's visit to Beirut and the outcome of bank restructuring talks
- A possible banking-finance escalation over tax declarations and whether burdens fall on depositors' funds
- Two sit-ins on Tuesday 10 November: rental building owners in Riad al-Solh and the educational guidance committee outside UNICEF offices
- Next fuel and gas price schedule and its impact on transport and heating costs