Soaring oil prices shock Iraqis

The Iraqi Government has sharply raised the price of fuel and other petroleum products, sparking discontent and protests and worrying international observers who say the increases could hurt millions of poor Iraqis and throw the country into further turmoil.

Since the parliamentary election on December 15, fuel prices have increased fivefold, mostly because the outgoing government of Ibrahim al-Jaafari has cut subsidies as part of a debt-forgiveness deal it signed with the International Monetary Fund.

The Sidney Morning Herald