Iran bartered crude oil for gasoline two years ago: report

Iran Materials 20 October 2012 18:22 (UTC +04:00)

Azerbaijan, Baku, Oct.20/ Trend G.Mehdi/

The Supreme Audit Court of Iran has reported that 54 million barrels of crude oil were bartered for 3.9 billion liters of gasoline in the Iranian calendar year 1389 (March 2010-2011).

Crude oil worth $4.5 billion was bartered for gasoline, according to the Pana News Agency.

The imported gasoline accounted for 10 million liters of the nation's daily consumption.

Moreover, the government drew $12 billion from the National Development Fund to compensate for budget deficit in the mentioned year. The Supreme Audit Court has referred to the government's measure as "violation of law".

On January 24, 2010 President Mahmoud Ahmadinejad submitted the administration's $368 billion national budget bill for the year 1389 to the Majlis.

The Majlis special committee decided to decrease the national budget to $347 billion, but approved the administration's decision to estimate an oil price of $65 per barrel for the period from March 2010 to March 2011.