Soaring fuel prices in Pakistan threaten economic and political crises

Pakistan's economy is threatened by a severe fuel price shock, which has surged its oil import bill from $300 million to $800 million. The knock-on effects will impact agriculture, transport, food prices, and basic goods, worsening the cost-of-living crisis for families. The State Bank of Pakistan has raised its key policy rate to 11.5 percent due to intensified risks to the macroeconomic outlook