Financial Tribune – Iran was the largest fossil fuel subsidizer in 2018, according to the International Energy Agency's latest report.

Having spent $69.2 billion on fossil energy consumption subsidies in 2018, Iran ranked first globally, leaving behind Saudi Arabia with $44.72 billion and China with $44.44 billion.

The volume of Iranian fuel subsidies extended to its citizens, which increased 42.2% year-on-year, equals 15.3% of Iran’s GDP and 16% of total global energy subsidies.

Iran’s average subsidization rate of fossil fuels (as a proportion of the full cost of supply) was 79%. The country paid $844 as fossil fuel subsidies per person in 2018.

According to IEA price data, Iran has the cheapest gasoline in the world priced at $0.3 per liter and Norway has the world’s most expensive at $1.91 per liter.

In 2018, Iran’s subsidies for natural gas consumption were at $26 billion, fossil-fueled electricity at $16.58 billion and oil at $26.57 billion.

Iran had spent $48.66 billion on fossil fuel consumption in 2017, including $17.89 billion on natural gas, $14.41 billion on electricity and $16.34 billion on oil.