Tehran to reform subsidy scheme for oil products

TEHRAN: Iran will begin deregulating the heavily subsidised prices for oil products in three stages in the year starting in March.

Deputy oil minister in charge of planning Akbar Torkan said it was part of President Mahmoud Ahmadinejad’s economic reform plan that includes increasing energy prices and paying direct subsidies to the needy people instead.

The president’s reform bill was presented to parliament on Tuesday, which voted to debate it swiftly.

The plan needs parliament’s approval before implementation.

“The deregulation of the prices of oil products, such as petrol and gas oil, will be done in three phases next year,” Torkan said, referring to the next Iranian year which starts on March 21.

Gulf Daily