Iran Gasoline Price Hike

Iran increases gasoline prices for heavy consumers as the national economy struggles

Iran has increased the price of gasoline for its heaviest users, marking the second such increase since December. The announcement was made without mentioning the war with the United States, and the extra money from the increase will be given to households. The new system means that people buying more than their quota of 110 liters (29 gallons) of gasoline a month must pay 100,000 rials per liter, or twice as much as they have been paying since December, double what they have paid since December before. The increase adds to daily pressures for many of Iran's more than 90 million people. The country's currency has been dropping to record lows and purchasing power has weakened. The CEO of the state oil distribution company, Keramat Veis Karami, said the new rate would affect 15% of consumers.

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