Iran raises gasoline prices for the first time since deadly 2019 protests [BNN Bloomberg (Canada)]
Uber Technologies, Inc. (UBER)
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Source: BNN Bloomberg
Cheap gasoline has been viewed for generations as a birthright in Iran, sparking mass demonstrations as far back as 1964 when a price increase forced the shah to put military vehicles on the streets to replace those of striking taxi drivers. But Iran's theocracy faces a growing squeeze from the country's rapidly depreciating rial currency and economic sanctions imposed due to Tehran's nuclear program. That has made the cost of having some of the world's cheapest gasoline at a few pennies per gallon that much more expensive. However, the government's hesitant move toward increasing prices likely signals it wants to avoid any confrontation with the nation's exhausted public after Israel launched a 12-day war on the country in June. “Our discontent has no result,” fumed Saeed Mohammadi, a teacher who works as a taxi driver in his spare time to make ends meet. “The government does whatever it likes. They don't ask people if they agree or not.” New rate is still pennies per gallon
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