Iranian MPs approve $3.0b fuel import budget
Monday, 18 February 2008
TEHRAN, Feb 17 (AFP): Iran's parliament yesterday approved a three-billion-dollar spending plan to fund diesel and petrol imports during the next Iranian year, the official IRNA news agency reported.
MPs approved a budget allowing imports worth up to 30 trillion rials (3.2 billion dollars) in the new year beginning on March 20.
Iran has become a net importer of diesel and petrol because of high consumer demand, partly because it spends around 100 billion dollars (68 billion euros) a year subsidising fuel prices.
Unleaded petrol in Iran currently costs around 1,000 rials (10 dollar cents) a litre.
Iran, OPEC's number two oil producer, makes around 45 million litres (12 million gallons) of petrol a day but has previously been forced to import up to 25 million litres (6 million gallons) extra every day to meet demand.
MPs approved a budget allowing imports worth up to 30 trillion rials (3.2 billion dollars) in the new year beginning on March 20.
Iran has become a net importer of diesel and petrol because of high consumer demand, partly because it spends around 100 billion dollars (68 billion euros) a year subsidising fuel prices.
Unleaded petrol in Iran currently costs around 1,000 rials (10 dollar cents) a litre.
Iran, OPEC's number two oil producer, makes around 45 million litres (12 million gallons) of petrol a day but has previously been forced to import up to 25 million litres (6 million gallons) extra every day to meet demand.