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Iran raises petrol prices as sanctions force costly imports

Tehran cuts fuel subsidies as energy crisis worsens in oil-rich country

Iran has brought in fresh petrol price increases, as US sanctions force the oil-rich country to import refined fuel.

Tehran is reducing fuel subsidies to save money, as its economy is under strain and it faces a widening energy crisis despite possessing the world’s third-largest oil and second-largest natural gas reserves.

President Masoud Pezeshkian said earlier this month most low-income groups did not benefit from the subsidies.

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