Islamabad: (RightNow) The government has set a target to deregulate petrol prices by June 2027. In a meeting of the Petroleum Pricing Committee, it was decided to prepare reforms in the pricing system of petroleum products. A proposal was made to link the pricing formula with the market.

The meeting also decided to establish rules to address changes in diesel prices. Emphasis was placed on protecting consumers from price fluctuations.

The Petroleum Pricing Committee approved a new mechanism under the IMF, setting an interim target for deregulating petrol prices by June 2027.

This decision could significantly impact Pakistan’s economy, as pricing will be market-based.

It is noteworthy that the government planned the deregulation of petrol prices under IMF conditions.