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Iran Imposes Quotas On Retail Sales Of Petrol

Iran Imposes Quotas On Retail Sales Of Petrol 30.11.2019

Iran Imposes Quotas On Retail Sales Of Petrol

Iran has introduced quotas for retail sales of petrol since November 15, and also raised prices for it, the Iranian National Oil Distribution Company reported.

Under the new rules, each car owner is allowed to buy 60 liters of gasoline per month at 15,000 riyals (0.13 USD) per liter. Each additional liter will cost 30,000 riyals (0.90 USD). Previously, drivers were allowed to buy up to 250 liters at 10,000 riyals per liter. The new quotas are expected to bring the budget 300 thousand riyals per year.

Iranian petrol is very cheap due to large subsidies and falling currency costs. Iran is also one of the largest oil producers in the world; its export is estimated at billions of dollars a year. However, Iran has limited processing capacity, and sanctions make it difficult to purchase spare parts for oil depots.

Sanctions were reintroduced last year after Trump abandoned a nuclear agreement between Iran and the six world powers. According to the agreement, Tehran agreed to allow international inspectors to its nuclear facilities and limit its nuclear program in exchange for lifting severe economic sanctions imposed on it. But since the United States withdrew from the agreement, Iran has been gradually increasing its nuclear activity although it continues to deny its desire to develop nuclear weapons.

Sanctions led to a sharp decline in the Iranian economy, the value of the currency fell to a record low. In addition, the annual inflation rate has quadrupled, and the number of foreign investors has declined.

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