A study of the car market shows that the fall in car prices has been accelerating in the past few days, said the head of the Tehran Automobile Exhibitors Association, adding that the prices of domestically-produced and foreign-made cars on Sunday decreased by 20-25% compared to the last working day in Iran, on Thursday.
The fall in car prices, which started a few weeks ago, is currently on a downward trend due to the fall in the price of the US dollar, and a decrease of five billion to 20 billion rials can be seen in the prices of foreign-made cars.
Iran’s Oil Minister Bijan Namdar Zanganeh said the price of feedstocks supplied to refineries across the country would no longer be calculated using the free on board (FOB) system that is widely used in energy trade in the Persian Gulf region.
Gold’s scorching rally gathered more force, with prices driven higher into record territory above $2,000 an ounce as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in US real yields and increased geopolitical risks.
The Iranian government ordered a substantial reduction in tariffs imposed on imports of rice amid price hikes in the local market that came following a decision earlier this month to stop subsidizing rice imports.