BREAKING NEWS

Iran likely to abolish fuel subsidies

By REUTERS

MAY 23, 2015 18:54

DUBAI- Iran is likely to abolish subsidized fuel allowances for motorists, an Oil Ministry adviser said on Saturday, in a move that will cut state spending but could also drive inflation and cause protests.

The government is trying to curb subsidies that have led to profligate energy consumption and put a strain on public finances, already squeezed by international sanctions and last year's drop in oil prices.

"The issue of fuel rations has not yet been decided, but it is very likely that no ration will be set and private cars from now on will get fuel at market rates," Akbar Naematollahi was quoted as saying by the Tasnim news agency.

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