Iran aims to cut fuel imports as sanctions loom
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A planned hike in gasoline prices will cut consumption and reduce Iran's dependence on imported fuel, a senior official said on Monday, dismissing the threat of more international sanctions on the Islamic state.
Iran is the world's fifth biggest crude exporter but U.S. sanctions mean it has suffered from lack of investment in refineries, forcing the OPEC member to import 40 percent of its gasoline needs. (Reuters)
