It was decided a shift to market rates was necessary.
Lebanese authorities clash over fuel subsidies
The government in turn agreed on a compromise with the central bank and raised prices, but lower than market rates.
What will be the impact of the price rises?
The latest move is expected to push up prices of other commodities and threatens to plunge the country into deeper economic misery.
The increases could come at a worse time for the people of Lebanon, with many households now mired in poverty.
The local currency, the Lebanese pound, has lost more than 90% of its value against the US dollar.
Fuel ships en route to Beirut?
Reuters news agency cited Hezbollah leader Hassan Nasrallah as saying that fuel tankers carrying Iranian fuel would be leaving soon to help ease shortages.
"We are not taking the place of the state, nor are we an alternative to companies that import fuel," Nasrallah said in a speech to supporters.
There was no word on how the imports would enter the country. The move is prohibited by US sanctions on Iran and its oil industry, and could lead to repercussions if Beirut is seen to be violating US measures.