Pakistan on Friday said it would increase petrol prices by 13% in response to “sharp” increases in oil prices, one month after it was pressured to lower another intended hike. “This revision in prices was necessitated due to sharp increase in the Arab Gulf petroleum product prices during the month of March,” said a statement from the Oil and Gas Regulatory Authority. It also said that the government of Pakistan would continue to subsidize oil prices during this month. The decision is likely to infuriate the public as increases in fuel prices tend to accelerate inflation, which stood at over 14% in February.
