Iraqi Parliament Investigates Soaring Gasoline Prices in Kurdistan

The Iraqi parliament has formed a committee to investigate rising gasoline prices in the Kurdistan Region.

The move comes after the region faced shortages and soaring fuel costs, with commercial gasoline prices reaching record highs of up to $1.80 per liter for Premium grade.

The crisis was exacerbated by repeated Iranian drone and missile strikes targeting oil facilities and infrastructure across the Kurdistan Region, causing a dramatic drop in crude oil production from approximately 230,000 barrels per day (bpd) to just 20,000 bpd.

The KRG has requested a larger share of crude from the federal government to address the crisis, but Baghdad's Minister of Oil, Basim Mohammed Khudair, suggested renouncing its own share in exchange for receiving domestic needs in the Kurdistan Region.