Report: Iran to cut portion of gasoline subsidies beginning Friday, cuts delayed since 2012

Iranian state television is reporting that the country will cut gasoline subsidies, part of a second round of subsidy cuts delayed since 2012.

The report Thursday night said the subsidy cut would begin Friday. State television said each car on the road would see its monthly, 60-liter (15.85-gallon) reduced-cost allowance jump to 7,000 rials (22 cents) per liter from 4,000 rials (12 cents). It said every liter after that will cost 10,000 rials (31 cents), up from 7,000 rials.

Iran began cutting energy and food subsidies in 2010. The second phase, which targeted further gasoline subsidy cuts, was to take effect in March 2012, but was pushed back over fears of stoking inflation.

Iran, a member of OPEC, consumes some 70 million liters (18.49 million gallons) of gasoline per day.