Iranian oil to be offered for $95

Iran has set oil price at $95 in its next year budget bill, the Mehr News Agency quoted deputy president Rahim Mombeini as saying.

Mombeini added that the bill has envisaged oil price would not be less than $100 in the next year.

The Iranian administration submitted the 7,300 trillion rials (about $595.4 billion) budget bill for the next Iranian calendar year, which begins on March 21, to the parliament today.

The proposed budget has increased by 22 percent compared to the year before.

Previously, ILNA reported that the development budget has been reduced by 20 trillion rials (about $1.6 billion) compared to the previous year.

The bill has been prepared considering the effects of international economic sanctions, so that the reliance of the national budget to oil revenues has been reduced, ILNA quoted President Mahmoud Ahmadinejad as saying.

"Some 27,600 billion rials has been allocated to the provision of medicine and 15,000 billion rials has been allocated to birth rate growth plans."

He also said that salaries of civil servants will be increased by 20 percent and cash subsidies will be increased in the next year.

Special plans have been prepared to decrease the inflation rate rapidly, he noted.


/Trend/