Red Diesel Prices Drop as Cabinet Decision Comes into Force
The prices of red diesel dropped by LL3,000 to reach LL27,100 on Monday in accordance with a government decision made last week.
The cabinet cancelled the Value Added Tax on red diesel saying the removal of the tax would be effective as of Monday.
The parliament is expected to endorse the decision soon.
Despite agreement among cabinet members on the measure, Energy Minister Jebran Bassil and Economy Minister Nicolas Nahhas each bragged about being the main backer of the decision.
“What happened today is an achievement after the battle that we fought since 2008,” Bassil said after the session held at Baabda palace on Thursday.
He hoped that owners of electricity generators, which work on red diesel, would lower their subscription prices after the government’s decision.
Nahhas snapped back saying the approval of the VAT cancellation was in response to one of the demands of the General Labor Confederation that had made the suggestion to the prime minister who in turn approved the request.
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