Iranians can expect a fourfold increase in the price of gasoline in the coming days, Reuters says, citing reports from the Iranian state television. The price hike is connected to President Mahmoud Ahmadinejad’s austerity measures, which include a USD100 billion reduction in the government’s subsidies for essential supplies such as fuel and food, the news agency explains. A number of analysts noted that the expected price hike could ignite social unrest similar to the riots staged by the public when Iran started rationing subsidized fuel in 2007, Reuters adds.
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About the author
Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.