BREAKING NEWS

Iranian official: Tehran set to overhaul fuel pricing and set a single rate

By REUTERS

MAY 24, 2015 20:54

DUBAI - Iran will abolish a motorists' allowance for heavily subsidized fuel and set a price, the deputy oil minister said on Sunday, as the government moves cautiously to cut back costly handouts.

"We have decided that petrol will be sold at a single rate of 1,000 tomans ($0.35) per liter," Abbas Kazemi was quoted as saying by the ISNA news agency, using a common measure of currency equal to 10 rials.

President Hassan Rouhani, elected in 2013 on a platform of better economic management, has championed efforts to rationalize pricing and pushed through a modest increase in fuel prices last year.

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