May 04, 2022 04:51 UTC
  • Iran exported $2.3 bn worth of gasoline in 19 months to March 2021

Iran exported nearly $2.3 billion worth of gasoline in more than 19 months to March 2021 despite sanctions imposed by the United States.

Head of Iran Energy Exchange (IRENEX) Ali Naghavi said on Tuesday that the commodity market had started trading Iranian Oil Ministry’s gasoline shipments for a first time in late August 2019.

Naghavi said gasoline shipments sold to foreign customers through IRENEX had reached more than 2 million metric tons (mt) over the year to March 2020.

He said the volume increased by over four times in the year to March 2021, adding that Iran had earned nearly $2.3 billion for exports of more than 10 million mt of gasoline in the 19 months to March 2021.

However, Iran decided to stop gasoline exports through IRENEX in May 2021 to respond to a rising domestic demand for the fuel, said the official.

Iran was a net importer of gasoline over e decade ago when the country decided to reach self-sufficiency in the production of the fuel to neutralize foreign sanctions that hampered its access to overseas supplies.

Lucrative exports of gasoline from Iran over the past few years came when the country’s oil and gas sector was grappling with a new round of American sanctions.

Demand for gasoline dropped to historic lows in Iran in late 2019 when the country imposed price hikes and quotas to battle the economic impacts of the sanctions.

Recent government figures suggest demand for gasoline has bounced back to above 100 million liters per day amid more easing of coronavirus restrictions in Iran.