The public budget was $165 billion (1,770 trillion rials) in Iranian year 2011–2012. The Iranian Parliament also approved a total budget of $500 billion (5,170 trillion rials) that factors in $54 billion from price hikes and subsidy cuts and aside from the government (or public budget) also includes spending for state-owned companies. The budget is based on an oil price of $80 per barrel. The value of the US dollar is estimated at IRR 10,500 for the same period. the 2011-total budget shows a 45-percent increase compared with that of 2011 which stood at $368 billion.