Pakistan raises gasoline and diesel prices to record levels amid rising inflation

Pakistan has announced raising gasoline and diesel prices to an unprecedented level, the second time in two weeks that prices have been raised strongly in the country, which is already suffering from high inflation, according to Sky News.
Pakistan’s finance ministry said in a statement that the government raised gasoline prices by 26.02 rupees to 331.38 rupees per liter, while diesel prices increased by 17.34 rupees to 329.18 rupees per liter.
The move comes a day after Pakistan’s central bank announced it would keep benchmark interest rates at 22 percent, saying inflation was likely to rise “significantly” in September before slowing in October and maintaining a downward trajectory thereafter.
Consumer prices in the country of 241 million people rose by 27.4 percent in August.
Pakistan is struggling to cope with rising inflation and dwindling foreign exchange reserves to move on the path of economic stability after reaching an agreement with the International Monetary Fund for a three billion dollar loan in July.