Israel: Iran talks on new deal for US gasoline, gas price

Israel and Iran are preparing to agree a new pact on gasoline, the fuel used in Israeli cars and trucks, to ease a gasoline price spike that has hit Israelis hard.

The talks are being held in New York in preparation for an April 10-16 meeting of the so-called G-20 group of world leaders in Germany.

The next G-2020 meeting is due to take place in July in Moscow.

In the meantime, Iran’s oil minister said Monday that the two sides were close to finalizing a deal for a 5 billion-rupee ($83.3 million) package to boost production and fuel subsidies.

The minister, Hossein Jaber, told reporters that the talks were still on track.

He said the two countries were working toward a deal that would see Tehran get a 5.4 billion-dollar payment per month to help pay for the cost of buying crude from Saudi Arabia.

The payment would go to help ease Iran’s international sanctions.

The Iranian Oil Ministry said in a statement that it hoped the talks would conclude before April 20 and would pave the way for an accord on oil production and subsidy payments.

Iran’s central bank also expressed optimism, saying Tehran had already reached a consensus with Iran over the details of a deal on fuel subsidies for cars and light trucks, which could also be implemented in Israel.