Iran has announced it will cut the volume of its cheap petrol ration by 25 percent to 60 liters per vehicle per month from March 21. Currently, each vehicle is allowed a quota of 80 liters of fuel at 10 cents a liter, with any amount needed on top of that priced at 40 cents. That compares to a U.K. price that has been averaging £1.12 a liter ($1.68) and is forecast to reach £1.20. The move comes as Iran faces potential sanctions on its petrol imports. Washington has accused Tehran of pursuing a nuclear weapons program and has asked its allies to tighten sanctions on the Islamic republic. Tehran denies the allegations, saying its nuclear facilities are for peaceful purposes. A number of countries, spearheaded by the United Nations, are planning to tighten trade with Iran over the controversial program. (BBC)

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