Iran raises gasoline prices, first hike since deadly 2019 protests

• Iran has raised gasoline prices for the first time since deadly 2019 protests, which resulted in over 300 deaths.
• The new system introduces a third pricing tier, allowing 60 litres/month at 1.25 cents/litre, then 100 litres at 2.5 cents/litre, and 4 cents/litre for purchases beyond that.
• The price hike aims to curb spiralling costs amid economic sanctions and a depreciating currency, despite gasoline prices remaining among the world's lowest.
• Iran faces significant economic pressure, with its energy subsidies ranking as the world's second-highest in 2022, costing $52 billion.
• Historically, cheap gasoline is seen as a birthright in Iran, with past price increases leading to widespread protests and government crackdowns.

Why It Matters: Iran's gas price hike risks renewed deadly protests and economic instability.