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This is Fasi Mangi.
He's Bloomberg's bureau chief in Karachi, Pakistan.
He's at a gas station right now, topping off his car
before the government raises fuel prices yet again.
In the US and the UK, fuel prices rise and fall with the market.
But in Pakistan, the government adjusts them on a fixed schedule, typically every two weeks.
So when Fasi heard that war had broken out in Iran
and the Strait of Hormuz was effectively closed,
he knew prices would spike.
So his first stop, the gas station.
So basically, topped up right till the end.
So, you know, when you put a pump to fill your car, it automatically stops.
After it automatically stops, there is still some space to fit in a few more liters as well.
It turned out to be the right call, because just days later,
the government raised fuel prices by a record amount.
It was the biggest increase in Pakistan's history by 21% to be precise.
And right before that we saw that there were massive long lines at fuel pumps.
Like much of South Asia, Pakistan's economy is especially vulnerable to swings in global energy costs.
The country imports most of its fuel with the vast majority of those imports coming from Gulf countries.