Lebanon's energy ministry delayed a fuel tender by one week on Monday to al...
BEIRUT - Lebanon’s energy ministry delayed a fuel tender by one week on Monday to allow for more competition as it seeks to stave off supply shortages during the worst economic crisis in decades.
The tender, which aims to supply around 10% of the country’s needs, is a first in import-dependent Lebanon, where private companies usually procure fuel. The country’s economic crisis has been long in the making and now come to a head. The Lebanese pound has slumped as much as 40% below the official dollar peg rate in recent days on the parallel market and a hard currency crunch has left many importers unable to bring in goods, forcing up prices.
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