Syrian Fuel Subsidies

abarrelfullabarrelfull wrote on 09 May 2011 13:32

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Whilst the problems in Syria go from bad to worse, I was interested to read this article on how much money the government there is wasting on fuel subsidies.

The Syrian Company for the storage and distribution of petroleum products Mahroukat stressed that the value of supporting the domestic prices of petroleum products and petroleum to meet the needs of the local market of petroleum products during the first quarter of this year reached 49.068 billion Syrian pounds.

The exchange rate is approximately 50 Syrian pounds to the dollar. So that is a billion dollars down the drain. To put this into perspective, the country's GDP is $59 Billion

If this number is representative of the normal level, this is 6% of GDP.

The existence of subsidies boosts demand and make fuel all the more expensive for the rest of us.

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