Iran is a country in the Middle East and home to the world’s fourth-largest crude oil reserves. The fuel/petrol prices in Iran are cheaper than almost anywhere else in the world.
News: This weekend, the internet in Iran was shut down as government authorities tried to stop the spread of nationwide protests. Protests erupted in the country last Friday, shortly after the government announced that it would introduce a 50% hike in fuel prices and ration fuel to all private vehicles.
Why is the Iranian government doing this? The government has announced that it would like to use this extra cash to support some of Iran’s poorest citizens who are suffering from low employment, low savings and a high cost of living.
The poor economic state of the country can directly be linked to US Sanctions.
Current Status: Protestors indicate a widespread fear over the sick state of Iran’s economy. They say their meager savings cannot absorb the price hike. Social media images showed banks, petrol stations, and government buildings being vandalized and set on fire. Social media has played an important role in assembling protestors. The government has turned off the internet in an attempt to suppress demonstrations by depriving them of this important protest tool.