Fuel prices slide while gas cylinder rises before winter
Gasoline and diesel prices fell in the latest pricing round, while the gas cylinder rose as the heating season approaches. The official dollar rate held at 89,500 pounds, the euro edged down and gold rose. In the news, UN estimates point to a funding gap of nearly one billion dollars in the humanitarian response plan, while Electricité du Liban gave preliminary approval to restart the Zouk and Jiyyeh plants, the debate over Article 3 of the banking reform law continues, and the finance minister travels to Bangkok for IMF and World Bank meetings.
Prices and Cost of Living
Fuel prices fell: the price of a 95-octane gasoline canister dropped to 2,802,000 pounds from 2,825,000, 98-octane to 2,820,000 from 2,843,000, and diesel to 2,614,000 from 2,692,000. By contrast, the 10-kg gas cylinder rose to 1,383,000 pounds from 1,333,000, raising heating costs as the cold approaches. The honorary head of the southern municipality of Kfara appealed for diesel to be secured for families before the cold intensifies, apple farmers held a sit-in in Jbeil, and southern residents are running laboratory tests on olives and olive oil after the Israeli shelling.
The Lira, Banks and Deposits
The official dollar rate held at 89,500 pounds, and the euro fell to 99,983 pounds from 100,266. The gold ounce rose to $4,199 from $4,194, and the 21-karat gram to $118.14 from $117.97. On the banking file, the debate over Article 3 of the banking reform and reorganization law returned to the fore before the Constitutional Council, with parliamentary Finance and Budget Committee head MP Ibrahim Kanaan saying the parliament's minutes and audio and video recordings settle the dispute over how the article was passed.
Services
Electricité du Liban's board announced its preliminary approval to restart the Zouk and Jiyyeh plants, with each unit to start operating after its safety and readiness are verified and the inspection and testing results documented by the manufacturer. Reports quoted a sitting minister with what he described as highly dangerous information, saying Energy Minister Joe Saddi obstructed a Qatari offer on the electricity file, prompting the Qatari embassy's diplomatic staff to file a complaint with Lebanese Forces leader Samir Geagea. This comes as residents face heating and energy challenges ahead of winter.
Wages and Work
The full-time employment file at the Lebanese University remains stalled, while the strike continues, according to press reports.
Public Finances, the State and Reforms
Finance Minister Yassine Jaber left for Bangkok to take part in the regular IMF and World Bank meetings, where he will hold a series of follow-up talks on the ongoing negotiations with senior officials of both institutions. Lebanon joined the port club of the India-Middle East-Europe Economic Corridor through the Beirut and Tripoli ports, a decision described as purely economic. The UNHCR estimated Lebanon needs $1.62 billion to fund the 2026 response plan, but only $622.58 million, about 38 percent, has arrived, leaving a gap of nearly one billion dollars and depriving around 1.5 million people of urgent humanitarian aid.
What to watch
- The outcome of the finance minister's meetings in Bangkok with the IMF and World Bank and the continuation of financial negotiations.
- The Constitutional Council's decision on Article 3 of the banking reform and reorganization law.
- The start date for restarting the Zouk and Jiyyeh plant units once inspections and readiness checks are completed.
- Securing diesel for heating before winter in border villages, and the roughly one-billion-dollar funding gap in the humanitarian response plan.