The Internal Security Forces indicate that a new fuel seizure has taken place as part of the fight against smuggling to Syria. Two trucks and a car were thus intercepted on the road linking the provinces of Akkar to Hermel.
One of the trucks was carrying 4 tons of fuel oil, the second more than 4 tons of gasoline. 4 people, Lebanese nationals, were arrested in connection with this case and were brought before the competent judicial authorities.
The news comes as Lebanon desperately tries to end the trafficking that takes place along the border with Syria. These include the trafficking of subsidized goods via the available reserves of the Banque du Liban, which should be exhausted by the end of May for fuels and the end of June for other basic necessities.
The end of this subsidy program could lead to a significant increase in prices and a further deterioration in the parity between the Lebanese pound and the dollar. This end – already announced with the new circulars from the Banque du Liban while commercial banks have also indicated that they will stop granting lines of credit for the purchase of basic necessities at the official rate of LL / USD 1507 – could therefore lead to a significant increase in fuel prices, stopping – de facto – this traffic along the borders between Syria and Lebanon.
For the time being, the national currency has already lost more than 90% of its value, while from unofficial sources, it is now estimated at more than 75% now, the proportion of the population living below the poverty line.
