Pakistan will raise fuel prices by nearly 50 percent.

Pakistan's Minister of Petroleum, Ali Pervez Malik, announced at a press conference that the country will increase the price of gasoline by 43% to 458.4 rupees per liter, and diesel by 55% to 520.35 rupees per liter. Malik stated that Pakistan will shift from a blanket fuel subsidy to a more targeted subsidy approach. Finance Minister Mohammad Orangzab added that Pakistan will provide subsidies to motorcycle, transport vehicles, and railway sectors. Note: Pakistan had previously provided 129 billion rupees in subsidies to keep fuel prices unchanged for three weeks.