Iran's Unexpected Gas Price Hike Triggers Street Protests in 93 Cities
November 18, 2019, 10:39 am

Iran's Unexpected Gas Price Hike Triggers Street Protests in 93 Cities

Earlier this week Iran's President Hassan Rouhani said that Iran is experiencing its most difficult times since the 1979 Revolution. Later, without prior warning, the state-run National Iranian Oil Products Distribution Company announced an immediate 50% increase in the country's gas price early Friday. The heads of three key branches — government, parliament, and judiciary decided this energy policy as a signal of unity.

“All of these games carry one message: The treasury is empty and the only way they have to fill it is to take from the people’s pockets,” said an energy trader in Tehran.

However, a few hours after the announcement of the new gas price, large protests rocked major Iranian cities on Friday, with clashes reported between protesters and security forces in at least 93 major cities.

The protests in Iran on Friday were set off by economic anxiety but quickly turned to an anti-government tone. With slogans such as "death to the dictator", in reference to Iranian Supreme Leader Ali Khamenei.

There were reports of violence breaking out, with banks, government buildings, police cars, and gas stations being torched. Demonstrators call for people to stop using their cars and close roads while chanting "death to the dictator" and demanding the oust of Rouhani.

In Karaj west of Tehran Protesters set fire to the local traffic police station.

In Tabriz west of Iran Protesters set fire to a bus belonging to the regime's security forces.

In Baharestan Protesters seen torching a Bank Maskan (Housing) branch and the local municipality building.

In Eslamshahr, southwest of Tehran Locals set fire to a small police station.

Reports indicate regime forces opening fire and killing 3 civilians in Behbahan and 1 in Sirjan.

In Tehran, The gold bazaar in the country's capital has gone on strike in solidarity with nationwide protests over a recent gasoline price hike.

In Saveh, southwest of Tehran, Iran, Security forces were seen opening direct fire against protesters as demonstrations continue over the recent gasoline price hike.

Behbahan, SW Iran Locals set a Bank Melli branch on fire Nov.16,2019

In Isfahan, central Iran Demonstrators chanting, "Down with the dictator!"

Many Iranians also took to social media to air their grievances about the increased gas prices.

In Shiraz, south-central Iran, Protesters torched two vehicles belonging to security forces as clashes continue across this city and other areas throughout the country.

In a video from Behbahan, SW Iran Locals set a Bank Melli branch on fire demonstrators chanted: "Gas prices have increased and the poor have become poorer! Iranians will die, but will not accept humiliation!"

Social media exploded on Friday with A video showed, protesters, believe that the Iranian regime has increased the price of gasoline in Iran, while it is spending billions to military aid Bashar al-Assad in Syria, as well as its proxy forces in Iraq and Hezbollah in Lebanon.

Footage of protest in the city of Behbahan show enraged people chanting, "No to Gaza, no to Lebanon; I sacrifice my life for Iran."

In Mashhad, Iran's second-largest city, dozens of angry demonstrators blocked roads by abandoning their cars in traffic.

According to social media reports up until now more than 50 banks have been torched by the protestors

Salehiyeh, southwest of Tehran, Iran Protesters set ablaze to the local municipality.

In the meantime, According to AP, Iran’s supreme leader on Sunday backed the government’s decision to raise gasoline prices and called angry protesters who have been setting fire to the public property over the hike had links with MEK.

Ali Khamenei’s comments came as authorities apparently shut down the internet across Iran to smother the protests in some two dozen cities and towns over the rise of government-set prices by 50% as of Friday.

Assadollah Asadi spokesperson of the Parliament said on Sunday that at a closed session of parliament, Ali Shamkhani National security advisor revealed that a number of protestors were affiliated with MEK members

Some Iranian economists warned that the new energy policy would fail for a number of reasons. The price increases are not significant enough to give the government a big financial boost — estimated at $800 million a year. But for ordinary Iranians, the added expense could breed resentment and lost confidence.

Additionally, the IMF has predicted that Iran’s economy will shrink by an astronomical 9.5 percent this year.

One expert said this year; something is occurring that has never previously happened in Iran.

Hassan.Mahmoudi

Hassan Mahmoudi is a human rights advocate, up to date with all current affairs including political and economic issues, critics, informative reports on Iran and Middle East.

Hong Kong police seal off university amid fears of crackdown

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.