Iran announced that it would raise petrol prices by 40 percent in a bid to boost state revenues.
Naser Sajadi, head of Iran’s national company, said on Monday regular fuel will be sold for 36 cents (10,000 rials) a liter, up from 24 cents (7,000 rials).
Iran’s state news agency, IRNA, has reported the new prices will take effect on Tuesday.
Drivers who have Iran-produced automobiles currently receive 60 litres of petrol a month at a heavy discount.
Previous regulations raising petrol prices sparked dissent in the past, but last year’s increase saw no major unrest.
Diesel prices will also rise to nine cents (3,000 rials) per litre.
Iran consumes 70 million litres of petrol daily.