Increasing prices of petroleum products: what should be done?

Historically, the governments in Pakistan use utility companies (gas and electricity) and petroleum products (since they are the backbone of modern survival) as gold mines to extract as much revenue as they want to raise.

So under the circumstances, what should be the policy recommendations? And what should we be demanding?

Policy recommendations:

Citizens’ demands:

1. Prices of the petroleum products be deregulated, i.e. government should not determine the prices of the petroleum products; it’s for the market to determine these prices.
2. All the taxes, surcharges, etc, levied on petroleum products and gas and electricity also be withdrawn.
3. Electricity and gas companies be privatized.
4. Relevant regulatory bodies (NEPRA [National Electric Power Regulatory Authority]; OGRA [Oil and Gas Regulatory Authority]) and Competition Commission be mandated to oversee the oil and utility companies are not colluding, not cartelizing, and not committing unfair business practices.