50% hike in petrol prices in Iran came without prior warning!

Iranians fill their vehicles at a petrol station in Tehran.

• Iranian authorities have allocated a limit of 60 litres per month for every private car at about 13 cents per litre.

Iran announced the cuts to fuel subsidies at midnight Friday without any prior warning. It came after months of speculation over possible rationing. Iranian officials say the proceeds from Friday's price hikes are earmarked to fund subsidies for low-income families.

Petrol prices jumped to a minimum of 15,000 rials per litre - 50 per cent up from the day before. That's 13 cents a litre, or about 50 cents a gallon. A gallon of regular petrol in the US costs $2.60 by comparison.
Iranian authorities have allocated a limit of 60 litres per month for every private car at about 13 cents per litre, and beyond that quota, the price jumps to 26 cents per litre, according to Iranian state media.

Previously, drivers were allowed up to 250 litres at 8 cents per litre, or 10,000 rials.