Iran has raised gasoline prices for high-volume consumers, marking the second fuel-price increase since December as the country faces growing economic pressures.
Iran’s state media reported that under the new system, people buying more than their quota of 110 litres (29 gallons) of gasoline a month, now must pay one lakh rials (about 7 cents) per liter, or twice as much as they have been paying since December. The move comes as Iran’s currency continues to weaken and purchasing power declines. Experts warn that higher fuel prices could lead higher inflation, that’s already struggling with an annual inflation rate of about 67 percent.
Cheap gasoline has been viewed for generations as a birthright in Iran, sparking mass demonstrations as far back as 1964, when a price increase forced the shah to put military vehicles on the streets to replace those of striking taxi drivers.
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