The Lebanese government said on Sunday that it was raising gasoline prices by 66% in a partial reduction of fuel subsidies as it seeks to ease crippling shortages that have brought the country to a standstill.
The increase in 95-octane gasoline prices would take effect immediately, the government said in a statement. It follows the state's decision on Saturday to change the exchange rate used to price petroleum products in a bid to ease the shortages.
The fuel crisis worsened this month when the central bank said it could no longer finance fuel imports at heavily subsidized exchange rates and would switch to market rates.
The government, concerned about the impact of price rises, in a compromise agreed with the central bank on Saturday to raise prices, but by less than the market rate, to allow subsidized imports to resume for now.
The rise in prices will mean more hardship in a country where poverty levels have soared during a two-year-long financial meltdown that has wiped more than 90% off the value of the Lebanese pound.
The decision was made at an emergency meeting on Saturday attended by the president, central bank governor and other officials over a fuel crisis that has left Lebanon in chaos, paralyzing basic services and sparking daily melees as people scramble for fuel.
The price increase does not fully lift the exchange rate for pricing fuel to the exchange rate at which the central bank will finance its import - a gap which the state will continue to finance, for now.
The government said the central bank will open an account for that purpose up to a maximum of US$225 million until the end of September - funds the government will have to pay back in the 2022 budget.
Iranian-backed Lebanese group Hezbollah has arranged for a shipment of fuel from Iran to help ease the fuel shortage in Lebanon.
MPs in the House of Commons are debating the Conservatives’ non-confidence motion today, with Conservative Leader Pierre Poilievre calling for 'a carbon tax election,' and a return to what he called 'the Canadian promise' in a 20-minute speech.
An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
We've all had neighbours we didn't like, but two people from Sault Ste. Marie have been awarded more than half a million dollars for the 'extreme' behaviour of the people who lived next to them.
Police in Spain have arrested five people accused of scamming two women out of 325,000 euros (US$362,000) by pretending to be Hollywood star Brad Pitt online.
Health Canada has approved Pfizer-BioNTech's updated COVID-19 vaccine that protects against one of the most recently circulating variants of the virus.
The federal government is advising Canadians in Lebanon to leave now while commercial flights are available, saying, 'Canada is not currently offering assisted departures or evacuations.'
Pro Football Hall of Fame quarterback Brett Favre revealed Tuesday at a hearing on federal welfare reform that he has been diagnosed with Parkinson's disease.
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We've all had neighbours we didn't like, but two people from Sault Ste. Marie have been awarded more than half a million dollars for the 'extreme' behaviour of the people who lived next to them.
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An 18-year-old woman who allegedly stole a Porsche and then ran over its owner in a caught-on-video incident in Mississauga earlier this month is now facing auto theft charges in Toronto.
An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
The federal government is advising Canadians in Lebanon to leave now while commercial flights are available, saying, 'Canada is not currently offering assisted departures or evacuations.'
Donald Trump flubbed the name of Charlottesville, Virginia, while going off script during a speech on Tuesday otherwise focused on economic policy, slamming U.S. Vice President Kamala Harris for lying about 'Charlottestown.'
Prince Harry said today's youth is in the midst of an 'epidemic' of anxiety, depression and social isolation due to negative experiences online, as he brought his campaign to help children and their parents navigate cyberspace to this week's Clinton Global Initiative.
The federal government is advising Canadians in Lebanon to leave now while commercial flights are available, saying, 'Canada is not currently offering assisted departures or evacuations.'
Japan's top diplomat asked China to ensure the safety of Japanese citizens there after the fatal stabbing of a Japanese schoolboy, and demanded a crackdown on what she called 'groundless, malicious and anti-Japanese' social media posts that threaten children's safety.
The son of the man suspected in the assassination attempt in Florida of former President Donald Trump has been arrested on federal charges of possessing child sexual abuse images.
The passenger in a car was killed when a horse smashed through the windshield during a series of crashes on a Southern California interstate over the weekend, authorities said.
Steven Guilbeault accused Pierre Poilievre of catering to his 'rich friends' in the oil and gas sector by pushing a policy to scrap carbon pricing.
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Prime Minister Justin Trudeau said many Canadians are taking their cost-of-living frustrations 'out on me for understandable reasons,' during his U.S. late-night television debut on 'The Late Show' with Stephen Colbert Monday night.
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Health Canada has approved Pfizer-BioNTech's updated COVID-19 vaccine that protects against one of the most recently circulating variants of the virus.
Scientists have discovered a new species of ghost shark that lives in deep ocean waters near Australia and New Zealand.
A new analysis of dozens of arrowheads is helping researchers piece together a clearer portrait of the warriors who clashed on Europe’s oldest known battlefield 3,250 years ago.
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Beverly Glenn-Copeland says he's been diagnosed with dementia and will play his final concert tour dates over the next two weeks.
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Genealogy and family tree tracking site Ancestry announced on Monday that by using “billions of historical records and public family trees,†they’ve discovered that the two music powerhouses are actually seventh cousins, once removed.
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Cole Perfetti will suit up for the Winnipeg Jets for another two years.
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Struggling Jeep and Ram maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it's just part of a normal leadership succession plan.
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An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
Fire has destroyed a barn and 17,000 plants at a family-owned business in Lower Coverdale, N.B.
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A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
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An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
An 18-year-old woman who allegedly stole a Porsche and then ran over its owner in a caught-on-video incident in Mississauga earlier this month is now facing auto theft charges in Toronto.
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An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
As sirens sound in Lebanon amid escalating violence between Israel and militant group Hezbollah, many Ottawa residents with family there find it hard to watch.
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An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
Parks Canada said it is considering treatment options and bringing in third-party experts after multiple, living juvenile zebra mussels were once again discovered in Clear Lake.
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Regina police will be conducting a two-day traffic blitz in and around the city Tuesday and Wednesday.
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Environment Canada says southwestern Ontario could get up to 55 mm of rain by Wednesday morning.
An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
A man and woman in Saskatoon who had two kilograms of methamphetamine seized from a home are going back to trial after having their acquittals overturned.
The Saskatchewan Government is in the province's highest court fighting to prevent a Court of King’s Bench judge from determining if its Parents' Bill of Rights actually violates the Charter.
Fire crews are battling a blaze at the Candle Lake Golf Course clubhouse on Monday morning.
An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
We've all had neighbours we didn't like, but two people from Sault Ste. Marie have been awarded more than half a million dollars for the 'extreme' behaviour of the people who lived next to them.
A 49-year-old Sudbury woman who was killed in a tragic collision with a police boat June 7 on Nepewassi Lake was told to remain in a residence on an island until police returned to pick her up.
A London man charged with criminal harassment following an incident outside the Parkhill Public Library during a Drag Queen story reading on April 29, 2023, has been found not guilty.
The calls are growing louder for city council to tighten the rules governing short-term accommodations, including those advertised on websites like Airbnb and Vrbo, after students arrived by the busload at a rented house in the Masonville neighbourhood.
Todd Thompson never imagined he would raise over $100,000 towards men's cancer and mental health programs in just a few short years. That's because he was entirely cancer-free, a few years ago.
Three construction workers are being praised for their actions that police in Barrie say likely prevented an armed man from fleeing before being taken into custody.
Four puppies were found near County Road 21 in Essa after a passerby spotted one when it ran out of the ditch and onto the road.
An Uber driver was handed a 12-month driving ban on Tuesday following a collision that injured a pedestrian and killed a dog in Barrie.
Windsor police officers are asking for the public’s help identifying and finding a suspect after a convenience store robbery in south Windsor.
A man swimming across the Detroit River from Windsor to Detroit was rescued by a mail boat, according to the J.W. Westcott Company.
Residents living in a Tecumseh neighbourhood had an unusual sighting over the weekend.
A man and a woman from Nanaimo, B.C., are facing more than two dozen charges after police seized four guns and several hundred grams of illicit drugs following a complaint about drug trafficking in the city's downtown core.
Former British Columbia chief coroner Lisa Lapointe has emerged from retirement to throw her weight behind a BC Green's campaign pledge to expand safer supply of opioids and other drugs to deal with the province's deadly overdose crisis.
Video of a B.C. man's surprise encounter with a black bear has gone viral online, generating much discussion about how to best respond when face-to-face with an aggressive animal.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
To make higher education an easier step to take for Indigenous students, the University of Lethbridge is dropping some fees for those applicants.
Authorities arrested a man from Pincher Creek after shots were fired near a home on the Blood Tribe First Nation.
A former Lethbridge pastor who bilked millions out of hundreds of southern Albertans has appealed his conviction and sentence.
A 25-year-old suspect was charged with impaired driving Sept. 21 after police spotted two people without helmets on an ATV on Sand Bay Road in Goulais River.
A federal offender who was last seen in Sudbury is wanted on a Canada-wide warrant for allegedly breaching his statutory release conditions.
The judge in the sexual assault trial against former Hedley frontman Jacob Hoggard delivered his instructions to the jury in a northern Ontario courtroom Tuesday afternoon.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
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