Iranian Tire Companies Want Higher Prices

Iran Tire Industry Association has sent a note to the Ministry of Industries and the Consumers and Producers Protection Organization demanding local manufacturers be allowed to raise prices by 30%.
The association’s spokesman Mostafa Tanha says, “The ministry had agreed to a gradual price increase.” However, authorities are yet to approve the extent of the price increase and when the new prices would come into effect, ISNA reported.
With the local currency losing over 70% of its value against the USD over the past eight months, prices of almost all goods have multiplied several times. Overheads of the tire industry have increased significantly but their factory prices remain unchanged.
Furthermore, scarcity of raw materials has caused a sharp decline in domestic tire production, putting extra pressure on manufacturers.