LEBANON

Lebanon to Sell Gasoline at Cost

The Lebanese Minister of Industry and Oil, Mr. Victor Qasir, has announced that with effect from 19 September gasoline will be sold at cost price, following the decision to withdraw the government subsidy. At the current exchange rate of $1=LL270, the official price of 20 liters of gasoline at the pump has therefore risen by 141.4% to LL700 from the previous price of LL290 effective 20 June. The decision to sell gasoline at cost is the result of...