Pakistan considers proposal to deregulate oil product prices

Petroleum Minister Syed Naveed Qamar told Pakistan’s National Assembly that the government was considering a proposal by the judicial commission to deregulate petroleum product prices, with the exception of diesel fuel. He said that deregulation would create competition, bring efficiency and make petroleum product prices more competitive. He, however, pointed out that income from freight charges comes to Rs17 billion (US$197.53 million), while the actual cost is less. Therefore, he said that with deregulation of freight, the overall prices of petroleum products would be equalized. (October 7, 2010)