Iran Gasoline Import Bill to Rise $3.8 Billion
November 02, 2009
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Iran needs an additional $3.8 billion to pay for gasoline imports until March 2010 and experts have proposed cutting the subsidized quota of the fuel this winter, a senior official said in comments published on Monday.
Iran is the world’s fifth-largest crude exporter but lacks sufficient refining capacity to meet domestic gasoline needs, forcing it to import large volumes which it then sells at heavily subsidized prices, burdening the budget.
It has taken steps to discourage consumption and reduce costs, introducing fuel rationing in 2007 and pushing ahead with plans to gradually phase out energy and food subsidies. AP
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