Friday, September 08, 2006
Govt allows entrepreneurs to import fuel
Commerce
Following new regulations enforced on Monday Iraqi and foreign entrepreneurs will have the right to import fuel to Iraq. Under new regulations, turned into law on Monday, Iraqi entrepreneurs will have the right to import fuel and compete with government-owned fuel distribution network. Iraq is currently facing a severe petrol, kerosene and cooking gas shortage. Taxes on these businesses will be waived for two years. The government has decided to increase expenditure on oil imports to US$ 800 million a month. Most of the country’s fuel imports come from Iran, Turkey, Syria and Kuwait. A litre of petrol or gasoline has soared to more than $1 dollar at a time the official price is set at nearly 17 cents.
