Pakistan’s government steeply hikes fuel prices to secure IMF funding
Pakistan’s government has hiked fuel prices by up to 29 per cent, removing fuel subsidies in an attempt to trim the fiscal deficit and secure critical support from the IMF for the cash-strapped economy.
This is the third cut in fuel subsidies by the government headed by Prime Minister Shehbaz Sharif in about 20 days.
The new prices came into effect from Wednesday midnight and showed a massive hike of Rs 24 per litre in petrol prices and Rs 59.16 per litre of high-speed diesel (HSD) – the two products used by everyone directly or indirectly, Finance Minister Miftah Ismail said.
