LEBANON

Lebanon's Petroleum Subsidy Estimated at $400mn per Annum 

According to an official of the Lebanese Ministry of Industry and Oil, the Lebanese Government is incurring an annual loss of LL 7,200mn, or $400mn at the current exchange rate of $1 = LL 18, to maintain the present level of subsidized prices of petroleum products in the country. However the official went on to say that the government has no intention of raising product prices at present by reducing the size of the...