Soaring fuel prices in Pakistan threaten economic and political crises

Pakistan is experiencing the most serious fuel price shock in over fifty years, threatening to trigger a series of economic crises. Prime Minister Shehbaz Sharif stated that the oil import bill surged from $300 million to $800 million, erasing the economic progress made over the past two years. Economists warn that this situation will worsen the cost-of-living crisis, increasing poverty and public discontent.