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Iran: Gasoline rationing results in $3B savings

TEHRAN, June 23 (Mehr News Agency) - Gasoline rationing saved over $3 billion in foreign exchange, Hojatollah Ghanimifard, executive director of international affairs at National Iranian Oil Company said here on Monday.

"Until the price of products and consumption-habits are not changed increasing refined products will not be beneficial for the country," he noted while stating that the decision to ration gasoline was a bold move by the government.

"From another point of view we can not expect consumers to pay international prices while their incomes are low," he added.

Iran implemented its gasoline ration law in June 2007.

From March this year, the government allowed the sale of extra, higher-priced gasoline at 4,000 (about 43 cents) rials per liter outside the rationing system but all motorists still had access to the monthly quota of 120 liters at a quarter of that price.

On June 21 the government implemented a new law which states drivers of luxury cars in Iran will no longer be granted heavily subsidized gasoline.

... Payvand News - 06/24/08 ... --

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