Iran Hikes Domestic Gas Prices by 15%

The National Iranian Gas Company (NIGC) has hiked the price of natural gas supplied to household, commercial and state owned sectors by 15 percent, Shana News reported Tuesday.

Prices remain unchanged for industrial sector, petrochemical plants, power plants and agricultural sector.

The new price of 920 rial per cubic meter came into effect Wednesday, Shana reported.

“Since the administration was aware than natural gas accounts for 70 percent of the country’s energy basket, it decided not to raise natural gas price too steeply,” Managing Director of the NIGC Hamid Reza Araqi said Tuesday.

Araqi noted that gas consumption in Iran amounts up to 180 billion cubic meters (bcm) per year.