Fuel rations, price hike hit Iranians amid plunging economy

Iranian authorities abruptly raised fuel prices by up to 50% and imposed fuel rationing overnight on Friday, leaving many Iranians angered amid an already plunging economy.

Across the capital, Tehran, long lines of cars waited for hours at pumping stations following the changes in energy policy, which state media announced around midnight without any prior warning to the public.

The decision came following months of speculations about possible rationing. The U.S. withdrew from Tehran’s 2015 nuclear deal with world powers last year, and re-imposed crippling trade sanctions that have sent the Iranian economy into free-fall.

Iranian officials say the proceeds from Friday’s price hikes are earmarked to fund subsidies for low-income families. Read more