Iraq Raises Fuel Prices as Oil Prices Top $100
According to a ministry document obtained by Kurdistan24 on Friday, the new prices will take effect this month.
ERBIL (Kurdistan24) — Iraq’s Ministry of Oil has raised domestic fuel prices, with the price of regular unleaded gasoline increasing to 750 Iraqi dinars ($0.57) per liter, while mid-grade gasoline will cost 1,000 dinars ($0.76) per liter.
According to a ministry document obtained by Kurdistan24 on Friday, the new prices will take effect this month.
Under the revised pricing, fuel products will be sold at the following rates:
- Gasoline: 1,000 Iraqi dinars (approximately $0.76) per liter
- Regular unleaded: 750 dinars (approximately $0.57) per liter
- Mid-grade: 1,000 dinars (approximately $0.76) per liter
- Premium: 1,250 dinars (approximately $0.95) per liter
- Kerosene: 1,000 dinars (approximately $0.76) per liter
The price increase comes as global oil prices remain elevated, despite retreating from their weekly peaks.
Brent crude, the global benchmark, was trading at around $103.55 per barrel on Friday, down about 3.8% on the day, while U.S. West Texas Intermediate (WTI) crude stood at approximately $98.87 per barrel, down around 3.5%.
Both benchmarks were on track to close the week above $100 per barrel, with Brent reaching that level for the first time in nearly four months.
Following the publication of the document, the Oil Products Distribution Company issued a clarification stating that information circulating on social media regarding fuel prices applies specifically to government departments and other sectors, and does not include petroleum products supplied to citizens.
The company also stated that prices for citizens remain at the same previously established and known subsidized rates.
Updated at 03:58 pm...