Iran’s fuel price hike cut daily con­sump­tion by a fifth: Min­is­ter

Muscat Daily - - BUSINESS -

Dubai, UAE - Daily con­sump­tion of petrol in Iran has dropped by about a fifth fol­low­ing the gov­ern­ment’s de­ci­sion to hike prices and in­tro­duce ra­tioning, ac­cord­ing to of­fi­cials.

Oil Min­is­ter Bi­jan Nam­dar Zan­ganeh said de­mand fell by 20mn litres a day, while National Ira­nian Oil Re­fin­ing and Dis­tri­bu­tion Co said con­sump­tion had dropped from an av­er­age daily rate of 98mn litres since March 20 to 79mn litres.

Iran this month cut back on ex­pen­sive petrol sub­si­dies with its econ­omy strug­gling un­der the weight of crip­pling US sanc­tions. Prices rose by as much as 300 per cent, trig­ger­ing a wave of na­tion­wide protests. The state re­sponded with a swift crack­down that, ac­cord­ing to Amnesty In­ter­na­tional, left 143 peo­ple dead and more than 1,000 in de­ten­tion. Of­fi­cials put the death toll much lower.

Au­thor­i­ties ar­gued the move was nec­es­sary to cut back on con­sump­tion and gen­er­ate rev­enue, but de­trac­tors are scep­ti­cal the mea­sure will ben­e­fit the poor or mid­dle class.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.