Oil ministry backing unified gasoline price in Iran

The Iranian Oil Ministry backs a single-price approach toward gasoline and other oil products for the next Iranian calendar year beginning March 21 2014, deputy minister for planning and supervision on hydrocarbon resources Mansour Moazzami said. Speaking to Shana, Moazzami said Petroleum Ministry would put into force any decision be taken by the government pertaining to energy carrier prices. Currently Iranian motorists pay different prices for various grades of gasoline which include respectively 4.000 and 5.000 rials for rationed regular and premium gasoline, and 7.000 and 8.000 rials for extra gasoline they may use. He noted that over the past 4 months export of crude oil and gas condensate surpassed the planned figures reaching its highest in February. Moazzami further noted that over the first 11 months of current Iranian calendar year, Petroleum Ministry has managed to achieve its oil production targets. Next Iranian calendar year will be an important year for oil industry, Moazzami said, predicting the sector witnessing a great leap forward in development. Under the provisions of the budget law ratified by Majlis recently, Iran’s oil revenue is estimated to reach 790 trillion rials next year. It is also estimated crude oil and gas condensate exports to reach one million barrels and 297 thousand barrels per day respectively. On issuing oil bonds, he said NIOC is authorized to issue 50 trillion of rail-denominated bonds over the next year.