Prime Minister-designate Najib Miqati announced Monday that the cabinet formation negotiations have entered the phase of picking candidates, signaling that an agreement has been reached on the distribution of ministerial portfolios.

President Michel Aoun on Monday hoped that the new government will be formed in the “next few days,” as he stressed that he will not resign.

U.S. Ambassador to Lebanon Dorothy Shea on Monday offered her country's "sincere condolences over the loss of life and grievous injuries suffered in yesterday's explosion in Akkar."

"Earlier today, I met with Prime Minister-Designate Miqati, and we discussed the status of Lebanese efforts to form a government quickly. And I just now concluded a meeting with His Excellency President (Michel) Aoun, in which we discussed the same topic," Shea said after talks with Aoun in Baabda.

The Free Patriotic Movement on Sunday hit back at al-Mustaqbal Movement and said the owners of the blast-hit Akkar site and warehouse are close to Mustaqbal itself, adding that Central Bank Governor Riad Salameh is also responsible for the tragedy following his latest controversial decision to end fuel subsidies.

Angry residents on Sunday torched the villa of George al-Rashid, the owner of the site of the deadly blast in Akkar’s Tleil, while his son was arrested by the army.

Army troops had initially prevented the protesters from storming the building. The demonstrators returned later in larger numbers and managed to overwhelm the soldiers. The protesters also torched trucks and cars that were parked outside the villa.

Prime Minister-designate Najib Miqati on Sunday commented on the tragic explosion in the Akkar town of Tleil.

Former prime minister Saad Hariri drew a link between the tragic Akkar and Beirut explosions in a statement shared on Twitter.

"The Akkar massacre is not different from the port massacre," he said.

A warehouse where fuel was illegally stored exploded in the Akkar town of Tleil early Sunday, killing 28 people and burning dozens more in the latest tragedy to hit the country which is in the throes of a devastating economic and political crisis.

Tleil is about 4 kilometers from the Syrian border, but it was not immediately clear if the fuel was being prepared to be smuggled to Syria, where prices are much higher compared to those in Lebanon.

Severe fuel shortages and wide power cuts have paralyzed Lebanon, with some businesses temporarily closing down as top security officials met to discuss the situation.

Lebanon has for decades suffered electricity cuts, partly because of widespread corruption and mismanagement. The Mediterranean nation of 6 million, including 1 million Syrian refugees is near bankruptcy.