Iran fuel prices soar as sub­si­dies cut

The Pak Banker - - International3 -

TEHRAN: Iran levied up to a five-fold hike in fuel prices from Sun­day as the govern­ment started scrap­ping sub­si­dies as part of a long-awaited eco­nomic over­haul, de­spite stiff re­sis­tance from con­ser­va­tives. The move comes af­ter much de­bate in par­lia­ment which had crit­i­cised the scheme at a time when Iran's econ­omy is reel­ing un­der in­fla­tion, high un­em­ploy­ment and sanc­tions. They now have to pay 7,000 ri­als per litre for any ex­tra petrol they re­quire. -Afp

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