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Friday, August 13, 2010     GET REAL

Iran paying premium for gasoline as sanctions take toll

ANKARA — Iran, pressed by U.S. sanctions, has been paying a hefty premium for fuel imports.

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Turkey's TUIK institute has reported that Iran was paying a premium of at least 25 percent in July 2010 as the first set of U.S. sanctions was imposed.

The Turkish statistical institute said Teheran was forced to deal with a dwindling number of suppliers that were willing to risk U.S. penalties.

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Turkey has become a leading fuel supplier to Iran over the last two months. The institute said Ankara increased exports to 1.2 million barrels of gasoline to Iran in June 2010, a four-fold increase from late 2008. Turkey has been the only NATO member to oppose United Nations sanctions on Iran.

Analysts asserted that the fuel premium imposed on Iran would increase as Western energy majors sever relations with Teheran. They said Turkey's state-owned refiner Tupras has determined a major profit opportunity in trading with Iran. They said China would also become a major fuel supplier to Teheran.

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