Sanctions raise Iran's gasoline import costs

07 August 2010

According to figures from the Turkish government, the cost of Iranian gasoline imports has exceeded above the market rate, Reuters has reported. The Islamic republic was forced to pay a premium of around 25% for its imports even before US-led sanctions took full effect, as the country turned to a dwindling number of suppliers, the data showed. Iran is the second-largest Opec crude oil producer, but relies on imports for up to 40% of its gasoline needs because it lacks refining capacity.

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