Pakistan imposes record increase in fuel prices

Pakistan announced a record rise in fuel prices just days before the end of a fiscal year where the country's economy contracted for the first time in 68 years due to a coronavirus epidemic.

The hike, which ranges from 27% to 66% depending on the petroleum product, was announced Friday night. It drew nationwide condemnation from people on social media Saturday, reports AP.

The move comes two weeks after Islamabad said its GDP in the outgoing fiscal year ending on June 30 will shrink by 0.4%, instead of an initially projected 2.4% growth.

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.