Iran raises price of petrol as US applies economic pressure
The development comes as the Iranian currency traded at more than 2.2 million rials to the US dollar on the black market on Sunday.
Iranian authorities announced on Sunday that they would be raising the price of petrol for heavier consumers, as the United States intensifies sanctions to isolate the country's economy. Iran's quota system categorises petrol pricing into three tiers, with the third tier's price doubling to 10,000 tomans per litre (approximately 4.5 US cents).
This adjustment came into effect on September 8. Government spokeswoman Fatemeh Mohajerani confirmed that the first and second tiers would not experience any changes. The move intensified as Iran's currency was trading at over 2.2 million rials per US dollar on the black market, up from around 1.7 million rials in February 2020 and a record low of 1.8 million in late April.
The recent price hike comes amidst US Treasury Secretary Scott Bessent's plans for economic pressure on Iran, aiming to hasten the end of the war in the Middle East. These new measures build upon the sanctions regime imposed by the US and its allies since 2018, following President Trump's withdrawal from an international deal regarding Iran's nuclear programme.
Additionally, the US has placed Iran's ports under a naval blockade, seeking to reduce its oil exports to zero.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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