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Fuel prices in Pakistan spike 17% after government slashes subsidies | DW News

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People in Pakistan queued up to fill their vehicles with cheap gas hours before another price hike took effect. On Friday, the government cut fuel subsidies for the second time in one week, leading to an overall 40% increase in prices, as it attempts to secure a bailout from the International Monetary Fund (IMF).

The price hike has been the main issue between Pakistan and the IMF, which demanded Islamabad withdraw subsidies in oil and power sectors to reduce the fiscal deficit before the annual budget is presented next month.

Ousted Prime Minister Imran Khan had given the subsidy in his last days in power to cool down public sentiments in the face of double-digit inflation, a move the IMF said deviated from the terms of the 2019 deal.

#Pakistan #Fuel #IMF

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Category
Europe
Tags
DW News, Pakistan, Islamabad
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