Iran Restores Stability Amid Fuel Prices Hike

Iran Restores Stability Amid Fuel Prices Hike

Iran introduced gasoline rationing and price hikes of at least 50%, which led to the country’s unrest, according to Reuters.

The price of a liter of gasoline was increased by 5,000 rials, reaching 15,000 rials and the monthly ration for each private car was set at 60 litres. Additional purchases would cost 30,000 rials per liter.

This abrupt decision to raise gasoline prices as the country’s economy worsens under US sanctions and domestic corruption has angered many Iranians, prompting protests in at least five cities.

“This year, something is occurring that has never previously happened in Iran: the almost complete and absolute shutdown of oil exports that are their major source of foreign exchange earnings and foreign currency,” Michael O’Hanlon, Brookings Institution foreign policy research director, said in another VOA Persian interview.

“Calm has been restored in the country,” Iran’s judiciary spokesman Gholamhossein Esmaili told a news conference.

The elite Revolutionary Guards warned against anti-government protests and declared a”decisive” action will be taken.

Iran had one of the world’s cheapest fuel prices due to heavy subsidies and the fall of its currency.


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