TEHRAN, Iran --Iran jumped gasoline prices 25% Tuesday in a new blow to consumers already disgruntled over high inflation, and the government said it will begin rationing fuel in two weeks.
The increase is part of the government's efforts to reduce state subsidies on gasoline and to discourage smugglers who have been buying fuel at Iran's relatively low price and sneaking it out of the country to sell elsewhere.
The hike, which is likely to drive up costs of transportation and put more pressure on inflation, drew quick anger.
Ready for this? The price increase in Iran was from 30 cents a gallon to 38 cents a gallon! The last time gas sold for 30 cents in the U.S. was around 1964, and the last time it was 38 cents was 1973!
Happy Memorial Day and Carpe Diem!