Pakistan boosts fuel prices

Pakistan increased fuel prices by up to 12%, reflecting the rise in global crude oil prices, the Oil and Gas Regulatory Authority (OGRA) said. The coalition led by President Asif Ali Zardari had halved the increase in petroleum prices in March to mollify a key partner, who quit the government in protest over the fuel price hike in January. Almost all political parties opposed the latest rise in prices and demanded it be reversed. The latest increase effective from Sunday saw the price of petrol rising to Rs88.41 (US$1.04) a liter, from Rs83.5 (US$0.99). Light-speed diesel rose from Rs88.30 (US$1.04) a liter to Rs97.62 (US$1.15). (May 1,2011)