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Nando Times

Pakistan hikes prices of petroleum products

Agence France-Presse

ISLAMABAD, Pakistan (December 30, 2000 11:43 a.m. EST - Pakistan's military government on Saturday hiked the prices of petrolum products, a move it claimed will absorb the impact of a rise in international oil prices.

The hike was part of a series of recent fiscal measures the International Monetary Fund agreed to before it approved a standby credit of nearly $600 million for Pakistan.

Top petroleum ministry official Abdullah Yusuf said the price of motor gasoline had been increased by 7.5 percent and that of high speed diesel by 19.6 percent.

Finance Minister Shaukat Aziz said a downward adjustment in petroleum prices could be made next March if prices continued their current fall in the international market.

-- Rachel Gibson (, December 30, 2000

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