The government is projecting the sales of crude oil and its derivatives to earn 6,030 trillion rials ($14.75 billion) in the budget bill for the upcoming Iranian year (March 2023-24).
President Ebrahim Raisi submitted the budget bill to the parliament on Jan. 11 about one month late, as it is due on the 15th of the ninth Iranian month every year, which fell on Dec. 6, 2022, this year.
The main figures in the bill include 19,840 trillion rials ($48.55 billion) allocated as operating budget (including revenues derived mainly from taxation and exports at the disposal of the government), plus 1,800 trillion rials ($4.4 billion) as revenues exclusively for ministries and governmental institutions, which bring the total sum of the general budget to 21,640 trillion rials ($52.96 billion).
The budget of state companies, banks and for-profit organizations has been put at 30,976 trillion rials ($75.81 billion).
All in all, the ceiling set for the government’s total budget is 52,616 trillion rials ($128.77 billion).
Notably, projected oil sale revenues constitute around 30% of the operating budget resources.
All numbers indicate a significant increase compared to those in the fiscal 2022-23 budget which, considering the high inflation rate in Iran, is not unusual.
According to Fars News Agency, the budget bill expects daily sales of 1.4 million barrels of oil at $85 per barrel.
Members of the parliament will now study the bill in a series of sessions until it is passed into law, which also needs the approval of the powerful Guardian Council, a watchdog that ensures laws are in line with the Constitution and Sharia.