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Struggling under the weight of harsh international sanctions, the global oil price slump since mid-2014 has made Iran’s economic plight ever more desperate.
Iran this week raised domestic gasoline prices by 40%, and those for gas to households, commercial consumers and state-institutions by 15% as part of the cash-strapped government’s latest efforts to both ease pressure on the budget, and shore up the country’s strained public finances.
The 45% fall in global oil prices since mid-2014 has only served to exacerbate problems for Iran, which had already been facing serious economic challenges as a consequence of serial mismanagement, corruption, and years of crippling US and EU sanctions over its nuclear program. (CONTINUED - 1409 WORDS)
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