CURRENT AFFAIRS

Detailed explanation-1: -A state of emergency has been declared in Kazakhstan and the government has officially stepped down following violent protests against a sharp and sudden increase in fuel prices.

Detailed explanation-2: -Hong Kong is a special administrative region of China and has the highest petrol price in the world at Rs 242.5 per litre - Which is a lot more than double of what we pay in India for a litre of petrol.

Detailed explanation-3: -At an average $11.10 per gallon, households in Hong Kong pay the highest for gasoline in the world-more than double the global average. Both high gas taxes and steep land costs are primary factors behind high gas prices. Like Hong Kong, the Central African Republic has high gas costs, at $8.60 per gallon.

Detailed explanation-4: -Since Pakistan imports petroleum products, the fuel price is determined by the fluctuating international market, and Pakistan’s foreign exchange rate. The limited supply, and the unprecedented increase in the prices of petroleum products in the international market recently caused an unexpected global price hike.

Detailed explanation-5: -Touching off the violent protests was Kazakhstan’s decision to lift the price caps on liquefied petroleum gas, used in part to fuel vehicles in the country. The move, taken to prop up LPG producers, roughly doubled the price, according to Russia’s TASS news agency.