At as low as 3 cents a litre, Iran vies with Libya and Venezuela, which has proven oil reserves greater than Saudi Arabia, as the countries with the cheapest petrol in the world, but the ultra-low prices have become a headache for Iranian authorities, who have been forced to tap into reserves and import petrol for the first time in decades in order to meet rising demand, as per Financial Times

Published in Dawn, The Business and Finance Weekly, September 4th, 2023