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[size=36]Economist: The money obtained from raising the price of gasoline will go to the employees of the Ministry of Oil[/size]
Economy | 05:15 - 03/28/2024
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Mawazine News - Baghdad
Economist Nabil Al-Marsoumi, on Thursday, downplayed the feasibility of the decision to raise the improved gasoline price and its impact on addressing traffic congestion or reducing the deficit in the 2024 budget.
Al-Marsoumi said in a publication seen by Mawazine News, that “Anyone who thinks that increasing gasoline prices will lead to a transformation is mistaken.” To public transportation, and then reduce the demand for gasoline and reduce its imports from abroad, because the demand for gasoline is inelastic in the short term because it represents only a small percentage of the price of the car and because there is no substitute for it of the same quality.”
He added, "The demand for improved gasoline will only be affected to a very slight extent, and therefore it will have no impact on road congestion. In return, the financial savings will go to public companies in the Ministry of Oil."
He pointed out that “what the Ministry of Finance receives represents only 60% of net profits and will be reflected in a small amount that may not reach more than half a billion dollars annually, which constitutes only a very small percentage of public revenues and its impact will be limited on the 2024 budget deficit, which reaches 90%.” One trillion dinars, or about 69 billion dollars!!
In its session held yesterday, Tuesday, the Council of Ministers issued several decisions regarding increasing the price of improved gasoline to (850) dinars per liter, and premium gasoline to (1,250 dinars) per liter, effective from May 1, 2024.
Al-Marsoumi said in a publication seen by Mawazine News, that “Anyone who thinks that increasing gasoline prices will lead to a transformation is mistaken.” To public transportation, and then reduce the demand for gasoline and reduce its imports from abroad, because the demand for gasoline is inelastic in the short term because it represents only a small percentage of the price of the car and because there is no substitute for it of the same quality.”
He added, "The demand for improved gasoline will only be affected to a very slight extent, and therefore it will have no impact on road congestion. In return, the financial savings will go to public companies in the Ministry of Oil."
He pointed out that “what the Ministry of Finance receives represents only 60% of net profits and will be reflected in a small amount that may not reach more than half a billion dollars annually, which constitutes only a very small percentage of public revenues and its impact will be limited on the 2024 budget deficit, which reaches 90%.” One trillion dinars, or about 69 billion dollars!!
In its session held yesterday, Tuesday, the Council of Ministers issued several decisions regarding increasing the price of improved gasoline to (850) dinars per liter, and premium gasoline to (1,250 dinars) per liter, effective from May 1, 2024.
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