Azerbaijan Increases Oil Prices Established in State Budget: Minister of Finance
Azerbaijan, Baku, 30 April / corr. Trend I. Khalilova/ The Azerbaijani government has decided to consider the oil prices, established by the state budget for the creation of income and expenditure articles, because of the rise in oil prices in the world markets, Samir Sharifov, the minister of Finance of Azerbaijan said on 30 April in the meeting of the parliament commission on economic policy.
According to minister, in line with the corrections, budget forecast for 2008 established oil prices at $70 a barrel as the oil prices have exceed $100 a barrel in the world markets. The budget, before the corrections, was established at $50 a barrel.
The rise in oil prices established by the state budget enables to re-consider the volume of deductions from the State Oil Fund of Azerbaijan to the state budget by additional AZN2.7bln, but after the corrections deductions will go over AZN3.8bln.
The rise in oil prices in the world markets has caused increase in the revenues of State Oil Fund and deduction from the Fund to the state budget respectively, which will lead to rise in surplus of summary budget up to AZN4.691.000, Sharifov said.