Iran Majlis approves subsidy cut bill

Iran's Parliament has approved two articles of a subsidy reform plan that would cut energy subsides and bring prices closer to international markets.

Lawmakers approved Article One and Two of the bill which would allow the government to adjust energy prices based on the final prices the government pays for them.

The bill needs the approval of the Guardian Council before it can be implemented.

Lawmakers have yet to agree on other details of the bill, under which subsidies on energy carriers such as gasoline, gas and electricity will be cut and a portion of the recovered revenue will be distributed among lower income citizens.

The subsidy bill aims to reduce dependence on fuel imports by lowering demand.