Pakistan, July 31 -- The government is preparing to implement phased deregulation of Pakistan's petroleum sector, with an initial proposal to reduce high-speed diesel prices. The plan is expected to provide consumer relief while gradually reforming the country's fuel pricing mechanism.

According to officials familiar with the Petroleum Pricing Committee's discussions, recommendations will be submitted to Prime Minister Shehbaz Sharif within the next two weeks. The committee is expected to propose phased deregulation of petroleum products, beginning with petrol.

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As part of the proposal, the government is considering reducing the international crack spread for high-speed diesel from ar...