Iranian Oil Minister Javad Owji has rejected reports about an imminent fuel price hike in the country as he insists that the government will continue to provide gasoline and diesel at heavily subsidized prices at least until March 2024.

“I have time and again reiterated (that) the government and parliament have absolutely no plans for increasing the price of gasoline,” Owji told reporters on the sidelines of a Cabinet meeting on Wednesday.

The minister made the remarks following reports published on social media suggesting the Iranian government is planning to nearly double the price of gasoline and diesel to control the rising consumption and smuggling of the fuel.

Those reports claimed that daily statements issued by Oil Ministry’s fuel department (NIORDC) about the amount of gasoline supplied to motorists over the Iranian New Year holiday season was indicative of imminent plans to raise fuel prices.

The NIORDC said in a Wednesday statement that the “false reports” about fuel price hike were meant to undermine its efforts to respond to a record demand for gasoline over the busy travelling season between late March and early April .

Oil Ministry figures show gasoline use reached an all time record of 122 million liters per day in Iran over the Nowruz holidays.

Iran has some of the cheapest motor fuel prices in the world. One liter of unsubsidized gasoline is worth 30,000 rials per liter ($0.06) in Iran which is a fraction of prices charged in Europe and in the US.

By Press TV