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Iraq loses more than 3 billion dinars daily by selling improved gasoline
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Baghdad today - Baghdad
Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, confirmed today, Friday (March 8, 2024), that the prices of improved gasoline are subsidized and are not equal to 30 percent of international prices or 50 percent of the cost of its production.
Younis said in a statement to the official news agency, followed by "Baghdad Today", that "the Ministry is working on completing multiple projects with the aim of raising the quality of products, including the FCC project in the Basra Refinery," noting that "the completion rate has reached 76%."
He added, "The isomerization units have been completed in the Basra and Doura refineries and are now in the phase of trial operation and the introduction of the catalyst," pointing out that "this will raise the quality of petroleum products."
He continued, "There are other projects under implementation, which are introducing hydrogenation and improvement units for gasoline in refineries in the governorates," explaining, "The Ministry is working to increase the capacity of small refineries and introduce hydrogenation and improvement units for gasoline."
He stressed that "all products are subject to quality control and are analyzed within Iraqi standard specifications," pointing out that "any party that consumes fuel and receives it from refineries can take samples of laboratory analysis and conform them to the specifications when quantities of this material are loaded."
Regarding gasoline prices, Younis stressed that “there is no reduction in gasoline prices,” explaining, “The price of improved gasoline, for example, is 650 dinars per liter, and it is subsidized and is not equal to 30 percent of international prices or 50 percent of its production cost, since its production cost is higher.” Much more than what it is sold for.”
The Ministry of Oil sells 5 million liters of improved gasoline daily, according to the ministry. This means that the ministry loses more than 3 billion dinars daily by selling improved gasoline, according to specialists.
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