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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan cuts petrol, diesel prices from Sunday Reuters - 1 hour 16 minutes ago ISLAMABAD, Nov 16 - Pakistan has cut petrol prices by 13 percent to give relief to consumers because of a decline in international oil prices, a government authority said. Oil prices <CLc1>, which have tumbled more than 60 percent from a record level of $147 per barrel in July, settled down $1.20 at $57.04 on Friday. Pakistan's latest cut brought the price of petrol to 66.66 rupees per litre from 76.66, the Oil and Gas Regulatory Authority said late on Saturday. The new prices will be applicable from Sunday. The government also cut the price of diesel by 11.6 percent, or 7 rupees, to 53 rupees from 60 rupees. The government plans to abolish all fuel subsidies by December and stop borrowing from the central bank to pay for its budget deficit. Pakistan's economy has lurched into trouble following six years of healthy growth. Its trade and fiscal deficits are unsustainable, inflation is running at more than 25 percent, and investor confidence has evaporated. The government has agreed with the International Monetary Fund on a stand-by credit facility of at least $7.6 billion to stave off a balance of payments crisis and hopes for more finanical help from other donor agencies and friendly nations. (Reporting by Aftab Borkap; Editing by Zeeshan Haider and Clarence Fernandez) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Pakistan cuts petrol, diesel prices from SundayReuters - 1 hour 19 minutes ago Singapore's budget to be presented in Jan -reportReuters - 2 hours 26 minutes ago World leaders at economic summit vow to cooperateAP - 2 hours 55 minutes ago Japan to seek to take lead in creating new financial order: AsoAFP - Sunday, November 16 Japan's Aso backs dollar-centered currency systemAFP - Sunday, November 16 Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Ancient 4,300-year-old pyramid discovered in Egypt View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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