- Advertisement -
Tuesday, November 26, 2024
Home News Fleet Iran raises fuel prices by 40%

Iran raises fuel prices by 40%

Iran has hiked fuel prices by 40% and scrapped its existing rationing programme for private motorists as the government seeks to cut down on subsidies to increase public finances.

As part of a new single-rate fuel price system, gas stations in the country will sell regular fuel for 10,000 rials ($0.36) a litre, said Naser Sajadi, head of national Iranian Oil Products Distribution Co., Bloomberg reported.

Under Iran’s previous subsidy program, which cost some $32 billion a year, monthly consumption of up to 60 litres was priced at 7,000 rials ($0.24) a litre.

Diesel prices will now rise to 3,000 rials ($0.09) per litre, up from 2,500 rials ($0.08), Tehran Times reported.

Meanwhile, premium gasoline will be sold at 12,000 rials, gas oil at 3,000 rials and jet fuel at 6,000 rials per litre, a spokesman for National Iranian Oil Products Distribution Co. said.

Iran is scaling back the subsidies, which along with international sanctions on its nuclear program, put immense pressure on public finances. The decision to hike fuel prices will bring in about $1.8 billion in revenue by March 2016, Saeed Laylaz, an economist, told Bloomberg.

- Advertisement -
Jerusha Sequeirahttp://www.meconstructionnews.com
Jerusha Sequeira is a reporter contributing to Big Project ME and Truck & Fleet ME magazines. She writes news and features on topics across the construction, machinery and commercial vehicles industries in the UAE and wider Middle East and contributes to the digital platform daily. She graduated from the American University of Sharjah in 2014 with a BA in Mass Communication/Journalism. Jerusha has previously interned with the local daily Gulf News, and has worked with on-campus publications at AUS.
- Advertisement -

Most Popular

Diesel nears 5 AED per litre as UAE fuel prices rise again

The price of diesel has been set at 4.76 dirhams per litre in July, a 62 fils increase from the 4.14 dirhams priced in...

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

AJEX Logistics Services set to expand with new facility at Bahrain Cargo Village

AJEX Logistics Services (AJEX), a prominent express distribution and shipping solutions provider in the Middle East, has signed a Letter of Intent (LOI) with...

HEAT Show 2024: Action-packed HEAT Show opens in Dammam

The HEAVY EQUIPMENT AND TRUCK (HEAT) SHOW has officially opened its doors at the Dharan Expo, bringing together key players in the heavy equipment...

Related News

HEAT Show 2024: Al-Kifah strikes 100 unit ready mix truck deal

XCMG has continued its impressive week at the HEAT Show with a major deal to supply 100 units to Al Kifah, one of the...

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

AJEX Logistics Services set to expand with new facility at Bahrain Cargo Village

AJEX Logistics Services (AJEX), a prominent express distribution and shipping solutions provider in the Middle East, has signed a Letter of Intent (LOI) with...

HEAT Show 2024: Action-packed HEAT Show opens in Dammam

The HEAVY EQUIPMENT AND TRUCK (HEAT) SHOW has officially opened its doors at the Dharan Expo, bringing together key players in the heavy equipment...

HEAT Show 2024: Tata Motors launches first AMT Truck in Saudi Arabia: Prima 4440.S

Tata Motors has unveiled its first-ever Automated Manual Transmission (AMT) truck, the Prima 4440.S AMT, in Saudi Arabia. Based on the brand’s flagship Prima platform,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here