Pakistan: Government increases petrol, diesel prices to record high

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The prices of petrol and diesel have hit a record high in Pakistan.
The staggering increase will see petrol selling at $1 for a litre - up from 64 cents.
This is the second massive hike by the newly appointed caretaker government.
Pakistan has recently signed a $3bn bailout deal with the International Monetary Fund after rising foreign debt.
But inflation has soared and its currency has lost value.
The previous administration pushed up prices on August 1st amid rising global oil prices.

Ashfaq Tola is an Economic Analyst and former Minister of State for Pakistan.
He joins us live on Skype from Karachi to discuss this.