Iran starts gasoline rationing, hikes prices - state TV

Iran introduced gasoline rationing and price hikes on Friday with an official saying that the revenue would be used for subsidies for 18 million needy families, state television reported. Iran, which has some of the world’s cheapest fuel prices due to heavy subsidies and the fall of its currency, has been fighting rampant fuel smuggling to neighbouring countries. Mohammad Bagher Nobakht, head of the country's Plan and Budget Organization, told state TV that proceeds from the price hikes would be used to fund additional subsidies for 18 million families, or about 60 million people.