Fuel prices dip while gas rises, and a million Lebanese face acute food insecurity
Fuel prices in Lebanon fell this week, with the price of a 95-octane gasoline canister dropping to 2,445,000 Lebanese pounds and diesel to 2,559,000 pounds, while a gas cylinder rose to 1,640,000 pounds. As IMF negotiations continue over more than $80 billion in frozen deposits and the financial gap law, the United Nations warned that more than one million people in Lebanon face acute food insecurity. On the living-conditions front, retired teachers keep demanding the release of 200 billion pounds allocated to improve their pensions, and a strike across public administrations includes complaints that the transport allowance does not cover two days. Parliament will debate tomorrow a 31-item agenda including an additional credit of 8.95 trillion pounds for Electricité du Liban.
Fuel down, cooking gas up
The price of a 95-octane gasoline canister fell to 2,445,000 pounds from 2,492,000 pounds, and 98-octane to 2,463,000 pounds from 2,510,000 pounds, while diesel dropped to 2,559,000 pounds from 2,579,000 pounds. In contrast, a 10-kg gas cylinder rose to 1,640,000 pounds from 1,610,000 pounds. On food, the United Nations warned that more than one million people in Lebanon face high levels of acute food insecurity — 21 percent of those covered by the analysis — with the number potentially rising to 1.15 million by mid-2027.
Euro slips, gold broadly stable
The euro stood at 99,459 pounds against 100,120 pounds previously, while the dollar remained at the official rate of 89,500 pounds. An ounce of gold reached $3,980 versus $3,979, and a gram of 21-karat gold about $111.96 versus $111.93. On deposits, a new round of negotiations with the IMF began over restructuring banking losses and the fate of more than $80 billion in deposits, with the government hoping for a preliminary deal before the end of the week and a financial gap law before March.
Retired teachers and the public-sector strike
The Teachers' Syndicate asked Finance Minister Yassine Jaber to speed up the payment of 200 billion pounds earmarked to improve retired teachers' pay, under a law published in the Official Gazette more than three months ago and not yet implemented, warning that their pensions do not exceed $200 a month. At the same time, a strike covers all public administrations, with a warning to the government that employees are tired of promises and that the transport allowance does not cover two days. Economic reports describe salaries eroded by inflation and widening unemployment in a non-productive economy.
Electricity, transport and social security on the table
A 31-item legislative session will discuss an additional credit of 8.95 trillion pounds to pay part of Electricité du Liban's accumulated dues, alongside a $100 million financing file for the electricity sector. Prime Minister Nawaf Salam discussed with his Kuwaiti counterpart a loan project to improve the electricity grid with the Kuwait Fund for Arab Economic Development. Separately, the National Social Security Fund launched payment of contributions through OMT, Bob Finance, Whish Money and Cash Plus, covering about 65,000 insured persons in its first phase.
IMF talks, the financial gap law and the budget
Negotiations with an IMF mission opened at the Finance Ministry under Minister Yassine Jaber, who expressed hope for a preliminary agreement this week and described the financial gap law as a key entry point to address the banking crisis. Banque du Liban announced that no data were available during the IMF consultations, according to Lebanon ON. On external support, a published article referred to a 2.4 billion euro European package for Lebanon, without full details on its components or conditions.
What to watch
- Tomorrow's parliamentary session and the 8.95 trillion pound additional credit item for Electricité du Liban
- The outcome of the IMF negotiation round and the path of the financial gap law
- Developments in the public administrations strike and the 200 billion pound payment file for retired teachers
- Fuel and gas prices in the next pricing schedule, and UN food-security projections