Iran: Natural gas prices increase more than 20 percent

The Iranian regime announced a 20 to 30 percent increase in natural gas prices. The high increase in natural gas prices follows over 20 percent increase in water and electricity prices.

Already some members of the Iranian regime’s parliament and experts have warned that resentment is building over sharp increases and that public protests could follow.

The increase in energy prices is expected to again raise the cost of basic commodities.

More than six months after Hassan Rouhani took office, hopes of a quick economic recovery are fading among ordinary Iranians, business owners and investors.

Iran has the world’s second largest reserves after Russia. At present, Iran is producing only a small share of its gas reserves, about 5.5 trillion cubic feet (160 billion cubic metres) per year.

This means that Iran is one of the few countries capable of supplying much larger amounts of natural gas in the future. Iran’s overall gas exports in 2009/10 reached a record high of 6.8 billion cubic meters, increasing 44% over the previous year.

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