Energy Featured Gas Oil World News

Iran oil coy raises prices for petrol, introduces quotas for product’s retail sale

Iran has introduced quotas for the retail sale of petrol and increased its prices, which will go into effect on Friday, the National Iranian Oil Products Distribution Company said in a statement.

The move envisages that owners of private cars will be able to purchase 60 litres (13.2 gallons) of the product per month, while owners of dual-fuel cars will be able to purchase 30 litres.

A separate quota is also provided for taxi drivers who can use 400 litres of petrol.

A quota for motorcyclists is set at 25 litres, and there are also quotas for trucks and ambulances, according to the company.

At the same time, the price for a litre of petrol within the quota doubled to 15,000 Iranian rials per litre, (about $0.36).

Each additional litre of petrol beyond the quota costs 30,000 rials per litre.

In February, Iranian Oil Minister Bijan Zangeneh said that Iran’s petrol production had grown more than 100 per cent since 2013.

He added that the country could have even become a petrol exporter, but was currently accumulating reserves of the product.

Related posts

AFP Supports Access to Renewable Energy with €70m

Our Reporter

774,000 jobs: FG goes after defaulting banks

Our Reporter

Oil, gas stakeholders task new regulators on accurate production data, domestic refining

Editor

13% derivation insufficient to develop Niger Delta – Dickson

Editor

FG boosts power supply with N1.3tr as DisCos remit N26.8 billion

Our Reporter

U.S. reports loss of drone in Niger, blames ‘mechanical failure’

Aliyu DANLADI