Shafaq News- Tehran

Iranian President Masoud Pezeshkian said on Friday that his government will raise gasoline prices in coordination with state institutions, as Tehran faces renewed US economic pressure.

In an interview with Iran's state broadcaster, Pezeshkian said third-tier gasoline would rise from 50,000 to 100,000 rials per liter once coordination with the relevant institutions was complete, adding that the price would be capped at that level. He did not specify when the increase would take effect.

Iran sells gasoline at some of the lowest pump prices in the world. As of August 24, DailyFuels ranked Iran the second cheapest of 133 countries surveyed and the cheapest in the Middle East, at roughly $0.029 per liter, about 98 percent below the global average.

The US Treasury announced on August 24 Operation Economic Outcast, targeting Iranian oil-smuggling networks, sanctions evasion, and the financing of activity Washington designates as terrorism. US Treasury Secretary Scott Bessent said Washington would move to cut off Tehran's remaining economic lifelines and warned that entities helping Iran evade sanctions could face secondary sanctions or lose access to the US financial system.

10 rials = 1 toman.

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