Fuel prices are now at record levels after the country’s energy regulator this week put an end to subsidies on petrol, diesel and kerosene that were introduced earlier this year to ease anger over the surging cost of living.
And the cost is set to rise further with the introduction of a near five percent excise duty on fuel from October 1. “The foreign direct investments, as well as consumer purchasing power, will be driven south for a struggling economy reeling under the Covid-19 pandemic,” it said in a statement Wednesday.
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