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Iran cuts petrol subsidy

Iran announced petrol price rises of up to 75 per cent today in an attempt to regulate energy costs in the country’s sanctions-hit economy.

The increases, which took effect at midnight, are part of the second phase of government plans to remove energy subsidies from Mahmoud Ahmadinejad’s previous administration.

The cost of domestic electricity and gas went up by 25 per cent earlier this year.

Iranians can buy up to 60 litres of subsidised petrol each month but the cut-price fuel will go up from 4,000 rials (9.3p) per litre to 7,000 rials (16.2p).

Normal priced petrol will jump from 7,000 rials to 10,000 rials (23.2p) per litre — a 43 per cent increase.

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