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Lebanon’s Finance Minister Mohammad Safadi said Wednesday evening that the 2012 state budget will “include new taxes ” to make up for the cancellation of Value Added Tax on fuel oil.

The finance minister’s comments came after the cabinet decided to cancel the Value Added Tax on red diesel fuel oil.

The cabinet also decided to subsidize red diesel by LL 3,000 ( $2 per 20 liters) starting Monday until a decree lifting the VAT is approved, according to OTV.

VAT in Lebanon is 10 % and the current retail price of 20 liters is around 30,000 LL ( $20 )

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