Nigeria and Pakistan adjust fuel policies amid changing oil prices

In Nigeria, falling global crude prices have not translated into lower pump prices. Premium Motor Spirit (PMS) still sells for about N1,200 per litre despite Brent falling to $70‑$75. Regulators, marketers and consumer groups debate the impact of the deregulated downstream market. Domestic refineries now supply roughly 88% of Nigeria’s fuel, yet imports rose in May to replenish inventories, while overall fuel imports have dropped sharply over five months.

In Pakistan, the federal government reduced the retail price of petrol to Rs297.53 per litre and high‑speed diesel to Rs309.50 per litre, offsetting a recent carbon‑tax increase from Rs2.50 to Rs5 per litre. It also established a Petroleum Prices Stabilisation Fund to cushion consumers from global oil‑price volatility and to support longer‑term fuel‑price stability.