Shafaq News / The average price of gasoline in Iraq reached 5.14 U.S. dollars per liter.

In its report for January 2023, Global Petrol Prices said that Iraq ranked 12th among countries with the cheapest gasoline prices (514 cents per liter) and fifth among Arab countries, preceded by Libya, Syria, Algeria, and Kuwait.

It is worth noting that Iraq spends more than three billion dollars on importing oil products annually, including gas oil, gasoline, and white oil.

On Oct. 20, the Iraqi Oil Ministry conducted tests on units in the Karbala refinery, a step to expand refining capacity and reduce oil product imports.

The refining sector suffers from significant problems due to the dilapidated condition and the lack of investments.

In an Interview with Al-Monitor, the spokesperson for the Oil Ministry, Assem Jihad, explained that the ministry is looking to develop the refining sector despite its security, health, and financial challenges. It has completed the Karbala refinery and is working on completing the Al-Faw refinery while expanding others.”

“Iraq will stop importing 60% of its gasoline and diesel needs next year and invest these funds in developing other sectors of the economy… Karbala refinery would provide raw materials for secondary industries.” He told Al-Monitor.