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Consumers See Petrol Prices Soar - International Law Office

International Law Office

Energy & Natural Resources - Iran

Consumers See Petrol Prices Soar

August 18 2003

The Iranian Cabinet recently approved a bill which increases the price of four main petroleum products. The bill, which took effect on April 5 2003, was submitted by the Petroleum Ministry, a subsection of the Ministry of Energy. Passage of the bill can largely be attributed to strength gained from three sources:

  • Article 35 of the National Iranian Oil Company's articles of association (ratified in 1977);

  • the Law Amending some Articles of the Third Economic, Social and Cultural Development Plan of the Islamic Republic of Iran; and

  • the Law on Levying and Collection of Duties from Goods Manufacturers, Service Providers and Importers (ratified in 2002).

The bill's impact in terms of prices is as follows:

  • The consumer price of ordinary petrol has gone up by 10%;

  • The consumer price of super petrol has gone up by 10%;

  • The consumer price of diesel fuel has gone up by 10%;

  • The consumer price of kerosene has gone up by 10%; and

  • The consumer price of furnace oil has gone up by 5%.

For further information on this topic please contact Behrooz Akhlaghi at International Law Office Dr Behrooz Akhlaghi and Associates by telephone (+98 21 873 21 38) or by fax (+98 21 873 41 29) or by email (bakhlaghi@kanoon.net).

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