Iran Digs in with Petrol Price Hike Amid US Economic Strangulation

Iran has raised the price of petrol for heavier consumers in response to US economic pressure. The new rate will be effective from September 8, according to government spokeswoman Fatemeh Mohajerani. Under Iran's quota system, petrol is priced in three tiers: 1,500 tomans per litre for the first 60 litres, 3,000 tomans per litre for the next 50 litres, and 5,000 tomans per litre after that.

The price of petrol in the third tier will double to 10,000 tomans (approximately 4.5 US cents) from September 8. Mohajerani clarified that the prices of the first and second tiers will remain unchanged.

This move comes as the Iranian currency has plummeted on the black market, trading at over 2.2 million rials to the US dollar on Sunday. The US has imposed sanctions on Iran since 2018, aiming to isolate its economy through 'economic asphyxiation'.