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Iran to Save $15 Billion in Fuel Subsidies Cut
The Islamic Republic of Iran will save at least $15 billion in fuel in the next Iranian year starting on March 21 amid a consumption decrease following the government’s slashing of subsidies, an Economy Ministry official said.
Iranians’ consumption of fuel including gasoline, diesel fuel and kerosene has decreased, reversing the trend of the past decade when the nation’s energy consumption increased on average by six percent a year, Deputy Minister of Economy Mohammad-Reza Farzin said.
In December, Iran started phasing out three-decade-old subsidies under a five-year plan and replacing them with cash payments to the population. The implementation of the plan has so far been “successful,” Farzin said.
Iranians now pay 4,000 rials (40 cents) a liter for 50 liters a month and 7,000 rials a liter for larger volumes. They previously paid a subsidized price of 1,000 rials a liter for a monthly maximum of 60 liters.
Mar 17, 2011 10:28
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