A balanced pressure regulator includes a valve body having a fluid inlet and a fluid outlet connected by a fluid passageway. A valve seat is disposed within the fluid passageway. A balanced plug assembly is disposed within the fluid passageway, the balanced plug assembly including a valve plug that cooperates with the valve seat to selectively open or close the fluid passageway, a retainer operatively connecting the valve plug to a valve stem, a diaphragm separating a chamber from the fluid passageway, a central balancing passage that fluidly connects the fluid passageway with the chamber, and a peripheral balancing passage that fluidly connects the fluid passageway with the chamber, the peripheral balancing passage being located between the retainer and the valve plug.