Iran is to launch special fuel market

Economy Materials 9 March 2019 09:14 (UTC +04:00)

Tehran, Iran, March 9


Iran Fuel Conservation Company (IFCO) of Iran has developed a plan to establish an energy saving market to offer surplus fuel.

"The energy market is predicted to buy and sell fuel," said the IFCO chief executive Nasrollah Saifi, Trend reports citing IRNA.

"The plan will not cause such problems as inflation, since the transaction in the market will be solely done by people and the government will not inject money into the market," he added.

He noted that establishment of this market will create an opportunity for fuel sale and trade of other energy carriers.

"The plan was drafted last Iranian year (started March 21, 2017) however it has not been fulfilled so far," he added.

Iran has launched smart fuel card program as a means to curb consumption, adjusting prices and cutting down fuel smuggling. However, details of the program and regulation for gasoline quota have not been revealed.

The government and parliament are reviewing various plans to manage the fuel consumption, but so far no particular plan has been approved for the new Iran year (starts March 21, 2019) budget plan.

The aim of new plans is to reduce the fuel consumption and provide and distribute gasoline more fairly to all the social classes.