BREAKING NEWS

Fuel consumption falls in Iran after subsidy cut

By ASSOCIATED PRESS

DECEMBER 29, 2010 18:23

TEHRAN, Iran – Iranians are consuming 20 percent less fuel since the government began slashing energy and food subsidies earlier this month, a senior government official said Wednesday, claiming an early sign of success in the controversial program.

Gasoline prices quadrupled and bread prices tripled after the cuts came into effect December 19, part of Iranian President Mahmoud Ahmadinejad's bid to boost Iran's ailing economy by reducing the massive drain on the state budget from the subsidies.

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