Purpose - Fluctuations of oil price and petroleum products have had different effects on great economic variables. One of these cases would be Dutch Disease in some countries. The aim of this paper is to investigate the effect of price fluctuation on the amount of industrial and agricultural value added in GDP and the amount of non-oil GDP in Iran by using counteraction method separately. Design/methodology/approach - The effect of oil volatility and the share of agricultural value added and the share of manufacturing value added in GDPs as well as the share of agricultural and manufacturing value added in non-oil GDP have been studied by using time-series estimations method. In all of the cases the Eviews 5 software was used during the period 1979-2009. Findings - While research results support previous studies about the relationship between the agricultural sector and oil revenues in the developing and oil-exporting countries, the results show a relationship between oil price and the share of manufacturing value added with no-oil GDP. Research limitations/implications - The paper has considered only oil price fluctuation on industrial and agricultural products in Iran. However, Iran has several exporting goods such as gas but the study only considered oil price. Originality/value - So far, several studies have been conducted in different countries regarding the subject of the study. While Iran is an important oil exporting country, the current research is the first study in Iran which gives more strength to the Iranian economy as well to other oil exporting countries.