Apr 11, 2021 05:31 UTC
  • Iran’s gasoline exports rose nearly 5-fold in year to March

Iran’s customs office (IRICA) has posted a record five-fold increase in the value of the country’s gasoline exports for the year to late March.

IRICA figures covered in a Saturday report by Fars news agency showed gasoline shipments sent from Iran to other countries in the year to March 20 had generated $2.913 billion in hard currency revenues for the government, an increase of 358 percent against the previous year.

The volume of the shipments also rose by over 618 percent to 7.8 million metric tons over the same period, showed the figures.

Iran was a net importer of gasoline about a decade ago when international sanctions imposed on the country over its nuclear program forced the Oil Ministry to expand domestic output capacity to respond a growing demand for fuel.

Increased gasoline exports from Iran in recent years have come despite a harsh regime of American sanctions targeting the country’s energy sector. The bans have affected direct sales of crude but have hardly hampered exports of petrochemicals and refined products from Iran.

In a clear defiance of the illegal US bans, Iran has supplied several major gasoline cargoes to Venezuela to help the South American country cope with Washington’s economic pressure policy.

IRICA figures showed that Iran had maintained a smooth supply of petrochemicals to customers in Asia and elsewhere in the calendar year to late March. That comes despite restrictions imposed on trade around the world to curb the spread of the coronavirus pandemic.