Petrol prices surge in Iran after subsidy cut
Iran has cut state subsidies on petrol in a move which caused price rise at midnight by up to 75 percent, making people rush to petrol pumps and fill up their cars before the deadline, BBC reported Friday citing media reports.
The President Hassan Rouhani-led Iranian government hopes the move will strengthen the country’s economy, battered by western sanctions.
Though petrol in Iran is still among the cheapest in the world, analysts say the latest price rise will be unwelcome in a country where a quarter of adults are jobless or under-employed.