Iran starts gasoline rationing and hikes prices

Iran introduced gasoline rationing and price hikes on November 15 with an official saying that the revenue would be used for subsidies for 18 million needy families, state television reported.

According to State TV, the price of a liter of regular gasoline was increased to 15,000 rials (12.7 U.S. cents) from 10,000 rials and the monthly ration for each private car was set at 60 liters per month. Additional purchases would cost 30,000 rial per liter.

Head of the country’s Plan and Budget Organization Mohammad Bagher Nobakht said that proceeds from the price hikes would be used to fund additional subsidies for 18 million families, or about 60 million people, Reuters reported.