With fuel prices in the Philippines among the world’s hardest hit by the Iran war, consumer groups are urging the government to take bolder action, including tighter control over pump prices. Economists say the more realistic options are tax relief, targeted subsidies and transport support rather than direct price controls. Sharon Garin, secretary of the Philippines’ Department of Energy, said on a radio programme on Sunday that the country might no longer see diesel at 60 pesos (US$1) per litre...
Pakistanis faced record fuel price increases on Friday, as petrol and diesel prices rose by up to 54 per cent driven by the war in the Middle East that has caused global oil prices to surge. The increase adds pressure to a cash-strapped nation already grappling with high inflation, as economists warned the hike would push up food prices and living costs. Pakistan’s Petroleum Minister Pervez Malik said late on Thursday that the increase was “unavoidable”. He said the government was forced to...