Pakistan, July 31 -- The federal government has agreed to gradually deregulate Pakistan's petroleum sector in a move aimed at increasing competition, improving transparency and providing consumers with better fuel prices and services. The decision follows the introduction of a weekly oil price review mechanism during the Iran-US conflict and forms part of broader reforms to create a more market-driven pricing system.

During the fifth meeting of the committee formed by Prime Minister Shehbaz Sharif, chaired by Petroleum Minister Ali Pervaiz Malik, participants endorsed a phased transition from the current controlled pricing model to a deregulated market. The committee reviewed recommendations on the petroleum pricing framework, while KPMG...