Pakistan Government drops ‘oil-bomb’ on inflation-hit masses, fuel prices hit record high

After unleashing a tax-loaded mini-budget, Pakistan hiked up the fuel prices to a historic high. The move has been made to appease the IMF for unlocking the critical loan tranche, reported Geo News. With a steep hike of Rs. 22.20, Petrol in Pakistan now costs Rs. 272 per litre. The increase in the petroleum products prices was one of the preconditions of the IMF. Inflation is expected to go up in Pakistan after the petrol hike, the 'mini-budget'. Pakistan’s economy is already facing one of its worst crises and country failed to close deal with IMF. Meanwhile, Global rating agency Fitch has also downgraded Pakistan’s rating to CCC-. As per Fitch’s report, the “possibility of default is real” for Pakistan as forex reserves hit critically low levels. All these factors are eventually hitting pockets of Pakistan’s citizens as prices of essential goods are skyrocketing. As Pakistan’s economy continues to deplete, inflation is at a 48-year-high. #Pakistan #PakistanCrisis #PakistanEconomyCrisis Subscribe now and press the bell icon 🔔 to get new video updates: https://bit.ly/2UV4ygi -------------------------------------- ANI is South Asia's leading Multimedia News Agency providing content for every information platform, including TV, Internet, broadband, newspapers, and mobiles. Subscribe now! Enjoy and stay connected with us!! ☛ Subscribe to ANI News YouTube channel: https://bit.ly/2UV4ygi ☛ Visit our Official website: https://www.aninews.in/ ☛ Follow ANI:   / ani   ☛ Like us:   / aninews.in   ☛ Email to: [email protected], [email protected] ☛ Copyrights © All Rights Reserved ANI Media Pvt Ltd.