Depot fuel prices weakened further across parts of Nigeria’s downstream market despite crude oil prices remaining relatively stable around the $110 per barrel range in the international market, with local supply conditions and competitive pricing continuing to influence domestic trading.
The stability in global oil prices follows the delayed planned strike by U.S. President Donald Trump on Iran, a development that has helped keep international crude markets relatively firm.
Checks by Petroleumprice.ng shows that domestic depot prices continued to decline in selected locations, driven primarily by product availability, competition and prevailing market dynamics.
In Lagos, the latest market data points to fresh downward adjustments in both PMS and AGO prices. As of yesterday, the average depot price for PMS stood at ₦1,728 per litre, while AGO averaged ₦1,810 per litre. Current pricing, however, shows PMS trading lower, with Aiteo selling at ₦1,277 per litre and Ardova at ₦1,277.5 per litre. On the diesel side, Aipec and Duport both sold AGO at ₦1,802 per litre, reflecting a modest decline from the previous market average.
In Warri, prices remained largely stable, indicating limited market movement. PMS traded at ₦1,295 per litre at both Nepal and Parker depots, while AGO sold at ₦1,813 per litre at First Fortune and ₦1,816 per litre at Nipco.
The Port Harcourt market maintained firmer pricing relative to other supply hubs. AGO traded at ₦1,840 per litre at Aradel and ₦1,850 per litre at Matrix, while PMS sold at ₦1,310 per litre at Bulk Strategic and ₦1,306 per litre at T.S.L., indicating no significant downward movement in the axis.
In Calabar, PMS prices also held steady, with Fynefield and Northwest both trading at ₦1,295 per litre, reflecting stable pricing conditions in the market.
The latest pricing trend underscores the increasing influence of domestic market fundamentals on Nigeria’s downstream sector. While international crude prices remain supported by geopolitical developments, local product availability, competition including market activity involving Dangote Refinery and marketers operating under fuel import licences alongside broader market forces, continue to shape depot pricing behaviour.
Industry observations suggest that markets experiencing stronger product availability and competitive pressure are seeing more visible price moderation, while locations with firmer supply structures continue to maintain relatively stable trading patterns.