Asian gas markets are at different stages of the liberalization process, with the aims of improving market efficiency, increasing competition, and therefore putting downward pressure on prices. However, policymakers are also grappling with the challenges of energy supply security, cost escalation, and growing decarbonization commitments. How will the energy supply crunch and price volatility impact the progress of market reform? How will policymakers balance the growing momentum in decarbonization commitments with market liberalization? How can incumbents and new entrants adjust their strategies to navigate these changes?