Pakistan's surging petrol prices have more than halved the income of taxi d...
ISLAMABAD/KARACHI - Pakistan’s surging petrol prices have more than halved the income of taxi driver Yasir Sultan, just one of many consumers whose faith in a government elected last year on a pledge to help the poor has been shattered.
“Sometimes I think I should set this taxi on fire,” he said from behind the wheel of his rundown 1980s-era Suzuki Mehran. Inflation was over 9.4 percent in March, its highest since November 2013, with strong increases in food and energy, the two most sensitive items for most consumers. With the rupee losing over a quarter of its value in the past year, the squeeze is acute in the creaking power sector where the government is under pressure to cut subsidies cushioning consumers against sharp price hikes.
Saudi Arabia and the United Arab Emirates have also extended about $11 billion in loans and credit arrangements on oil deliveries in recent months.
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