Pakistan, July 8 -- The federal government has signaled a major shift in Pakistan's petroleum pricing mechanism by gradually reducing its role in setting fuel prices and moving towards a market-based system. The proposed reforms are aimed at making the pricing process more transparent while improving the country's refining sector.

Read More: Minister defends mechanism for fuel pricing, says no sector being favoured

Speaking at a meeting of the National Assembly Standing Committee on Petroleum, Petroleum Minister Ali Pervaiz Malik said the long-awaited Refinery Upgradation Policy has been forwarded to the federal cabinet for approval. He expressed optimism that the Economic Coordination Committee (ECC) would approve the policy by July 15...