Iran doubles petrol price for heavy users as currency touches record low

Iran doubles petrol prices Iran has doubled the price of petrol for consumers who exceed their monthly quota, putting a higher cost on heavy fuel use as households already grapple with falling purchasing power and soaring inflation.The revised rate came into effect early Tuesday and applies to purchases above 110 litres (29 gallons) a month. Consumers crossing that limit will now pay 100,000 rials (about 7 cents) per litre, compared with the rate introduced in December.The government said the additional money generated from the increase would be distributed to households. Its announcement referred to the “current situation” without specifically mentioning the war with the United States.This is the second increase in petrol prices since December. Such increases have historically been politically sensitive in Iran, with a price rise in 2019 triggering nationwide protests followed by a crackdown that reportedly killed more than 300 people.Currency hits record lowsThe latest increase comes at a time when the Iranian currency has been weakening sharply and people's purchasing power has declined. The US dollar was trading at 2.22 million rials on Monday.Iran nevertheless continues to hav...