Pakistan to revamp fuel pricing system

Pakistan is preparing to overhaul the way its petroleum market operates by gradually moving away from government-controlled fuel pricing, with plans to introduce greater market transparency through digitalization of the fuel supply chain and the possible publication of daily international benchmark prices. Petroleum Minister Ali Pervaiz Malik shared the government's roadmap while briefing the National Assembly Standing Committee on Petroleum on Tuesday, saying the country was working toward deregulating the petroleum sector to create a more market-driven pricing mechanism. He said the government intends to reduce its direct role in setting fuel prices while continuing to monitor the supply chain to ensure uninterrupted availability of petroleum products across the country.