DUBAI - Iran will abolish a motorists' allowance for heavily subsidized fuel and set a price, the deputy oil minister said on Sunday, as the government moves cautiously to cut back costly handouts.
"We have decided that petrol will be sold at a single rate of 1,000 tomans ($0.35) per liter," Abbas Kazemi was quoted as saying by the ISNA news agency, using a common measure of currency equal to 10 rials.
President Hassan Rouhani, elected in 2013 on a platform of better economic management, has championed efforts to rationalize pricing and pushed through a modest increase in fuel prices last year.
Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>