Financial Tribune - US pressure on Iran’s key auto industry coupled with domestic faulty policies have pushed up car prices once again, only a few days after the introduction of the government’s new forex policy which saw the market take a break from its months-long bullish run.

Over the past few days, car prices have jumped 6 to 20 million rials ($1,420 to $4,760) reacting to the news that President Hassan Rouhani’s administration might implement “free market reforms” in the auto industry and cut the state-backed Competition Council out of the price-setting process.

The Competition Council is a state body which when it comes to the auto industry is in charge of setting the price of vehicles under 450 million rials ($10,714).