Financial Tribune - The Consumer and Producer Protection Organization and major carmakers have reached an agreement that says car prices at the factory that are under 450 million rials ($4,360) will jump between 50-130%

Iran Consumer and Producer Protection Organization (CPPO) and local automotive companies have reached an agreement to jack up factory prices between 50-130%.

After a long fracas, the CPPO and major carmakers Iran Khodro and SAIPA, have reached an agreement that says car prices at the factory that currently cost under 450 million rials ($4,360) will jump between 50-130%, informed sources told the Persian-language economic newspaper Donya-e-Eqtesad, a sister publication of the Financial Tribune.

According to prices introduced by the Industries Ministry, cars made or assembled inside the country are categorized into two price groups: under 450 million rials ($4,360) and above.