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Pakistan Announces Record Rise In Fuel Prices

FILE: Pakistani commuters queue for fuel at a Pakistan State Oil (PSO) gas station in July 2017.

Pakistan has announced a record increase in fuel prices.

The hike -- ranging from 27 to 66 percent depending on the petroleum product -- was announced late on June 26.

It comes two weeks after Islamabad announced that GDP in fiscal 2019 will shrink by 0.4 percent. It was originally expected to grow by 2.4 percent.

Pakistan’s economy has witnessed a steady decline since 2018, when Prime Minister Imran Khan’s government came into power.

Its economy has been affected by the coronavirus since March, when Khan put the country under lockdown. Restrictions were eased in May, causing a spike in coronavirus infections and deaths.

Pakistan has confirmed 198,883 virus cases, including 4,035 deaths.

Based on reporting by AP