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Oil products to grow 5% more expensive in Iran

Business Materials 16 February 2015 14:29 (UTC +04:00)

Baku, Azerbaijan, Feb. 16

By Khalid Kazimov - Trend:

The Iranian parliament has passed a bill that sets the maximum tax rate for natural gas consumption at 21 trillion rials (34500 rials making 1USD) for the next Iranian fiscal year (starting Mar. 21), Fars news agency reported on Feb. 16.

Also, it was decided that the prices of oil products will rise by 5 percent in the coming year.

The Majlis did not vote yes for the mentioned revenue's exemption from tax, however.

The bill further requires the Iranian National Iranian Oil Refining and Distribution Company (NIORDC) to spend the added revenue in expanding its pipelines transferring crude oil and gas condensates.

Iran earned 280 trillion rials (about $8 billion) from increasing fuel prices in the first 9 months of the current Iranian calendar year (March 21-December 21, 2014).

The Iranian government has increased fuel prices up to 75 percent as part of the second phase of the subsidy reform plan.

The price of semi-subsidized gasoline increased from 4,000 rials (15 Cents) per liter to 7,000 rials (27 Cents) as of April 25th.

Normal-priced gasoline jumped from 7,000 rials (27 Cents) to 10,000 rials (39 Cents) per liter.

Semi-subsidized diesel prices increased from 1,500 rials (5 Cents) to 2,500 rials (9 Cents). Normal diesel prices jumped from 3,500 rials (13 Cents) to 5,000 rials (19 Cents).

According to the subsidy reform plan, the subsidy on food and energy is removed gradually, and the government allocates a portion of the amount saved to people and industry.

Edited by CN

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