The price of gasoline will be increased 40% as the Iranian regime will abolish a motorists' allowance for heavily subsidised fuel and set a price, the deputy oil minister said on Sunday.
"We have decided that petrol will be sold at a single rate of 1,000 tomans ($0.35) per litre," Abbas Kazemi was quoted as saying by the ISNA news agency, using a common measure of currency equal to 10 rials.
An Oil Ministry advisor on Saturday suggested that fuel subsidies could be lifted altogether, but the government appears to have decided to proceed more cautiously, as the new flat rate is still below market prices.
Previous attempts to raise prices have sparked dissent in Iran, There was widespread rioting in 2007 when an allowance was first introduced to limit motorists' access to the cheapest-priced fuel. Dozens were arrested and angry protesters damaged gas stations.
The changes will take effect in mid-September, Kazemi said. Eligible motorists currently receive an allowance of 60 litres of petrol a month at 700 tomans ($0.24) a litre, and pay 1,000 tomans a litre for any additional consumption.
The IRNA report today said the new prices will take effect tomorrow.
IRNA said the price per litre for subsidised gasoline would be 10,000 rials (RM1.25), up from 7,000 rials. That’s about a US$1.28 (RM4.60) gallon, compared to the average US price of US$2.66 a gallon.
Diesel fuel prices also will rise to 3,000 rials per litre.
Iran, an OPEC member, consumes 70 million litres (18.49 million gallons) of gasoline daily.
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