Iranian Power Minister Hamid Chitchian says the price of utilities will increase by 25 percent in the coming Iranian year (starting March 21).

Chitchian told the Reporters Club that the increase has been approved by cabinet and will take effect in the New Year.

According to the new budget, the government is authorized to begin increasing utility prices in a “gradual manner.”

While some experts believe the rise in energy prices will lead to skyrocketing inflation, others believe it is the only move that might bring the economy back from the brink of collapse.