Pakistan cuts fuel prices and lifts austerity measures after US-Iran MoU

Pakistan is cutting fuel prices and lifting emergency austerity measures introduced in March, citing relief brought by the US-Iran memorandum of agreement and the reopening of the Strait of Hormuz. The easing of sanctions on Iran also revives a long-stalled gas pipeline project connecting Iran's South Pars field to the Pakistani city of Nawabshah, some 780 kilometres from the Iranian border. Islamabad is additionally looking to expand trade with Tehran and use Iranian transit routes to access Central Asian markets.

Al Jazeera's Kamal Hyder reports from Islamabad, Pakistan.

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