Mubasher TV
Contact Us Advertising   العربية

Iran hikes fuel prices as US sanctions bite

Iran hikes fuel prices as US sanctions bite

Mubasher: Iran radically raised on Friday its subsidised fuel prices, including gasoline, having imposed full petrol rationing again, according to state-run news agency IRNA.

Every private sedan will have a 60-litre monthly quota at nearly $0.13 per litre, higher than $0.9.

Taxis and ambulances will have a quota of up to 500 litres at $0.13, which will be raised to $0.26 if the assigned quota was exceeded.

The proceeds from the price hikes will be utilised to provide additional subsidies for 18 million underprivileged families, or nearly 60 million people, Iranian Planning and Budget Organization’s head Mohammad Baqer Nobakht said.

In 2015, when Iran inked a nuclear accord with six world’s powers had been halted fuel rationing had been halted, after it had been in place since 2007.

The move came after months of speculations about the rationing, after US President Donald Trump decided to withdraw from the pact, reinstating sanctions that hit Iran’s hydrocarbon and banking sectors.