Pakistan slashes fuel subsidies in bid to control fiscal deficit -finance minister

Pakistan will slash fuel subsidies for a second time in a week in a bid to control fiscal deficit and secure International Monetary Fund bailout money, the finance minister said on Thursday.

Minister Miftah Ismail said petrol and diesel prices for consumers have been increased by 17% at the pumps starting Friday, both being raised 30 Pakistani rupees each per litre. He added that there remained a subsidy of about 9 Pakistani rupees per litre.