Wednesday, November 26th0.3°C
23286
23088

Iran cuts portion of gasoline subsidies to reform economy, move delayed since 2012

TEHRAN, Iran - Iran has cut a portion of its gasoline subsidies, nearly doubling some prices at the pump as part of a second round of cuts delayed since 2012.

Friday's move will test public support for moderate President Hassan Rouhani in a nation battered by inflation and economic sanctions imposed over Iran's controversial nuclear program.

Subsidies have kept the cost of gasoline artificially low for consumers in OPEC-member Iran. The slash aims to release government money for production and infrastructural projects.

Under the new pricing scheme, each litre jumped to 7,000 rials (22 cents) from 4,000 rials (12 cents).

That works out to about 83 cents a gallon under the new pricing structure, compared to 45 cents under the former. Each car has a monthly ration of 60 litres (15.85 gallons).

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15073.65+58.24
S&P CDNX780.64-6.86
DJIA17814.94-2.96
Nasdaq4758.252+3.36
S&P 5002067.03-2.38
CDN Dollar0.8865-0.0019
Gold1195.40-1.70
Oil73.88-0.21
Lumber328.80-0.70
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.04
Cantex0.040.00
Anavex Life Sciences0.175-0.005
Metalex Ventures0.030.00
Russel Metals32.14+0.65
Copper Mountain Mining2.15-0.02
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.325-0.04

 
23744


24035

FEATURED Property
17877285342 Signet Crescent, Kelowna, BC
4 bedrooms 3 baths
$1,325,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24220

24185


Member of BC Press Council


23646