The petroleum market witnessed a relatively stable week, marked by slight fluctuations in depot prices. Below is a comprehensive analysis of prices across PMS, AGO, LPG, and ATK categories, along with market insights.
Premium Motor Spirit (PMS)
- Monday, 30th December 2024
Lowest: Dangote – ₦903
Highest: Bono – ₦940 - Tuesday, 31st December 2024
Lowest: Dangote – ₦903
Highest: Gulf Treasure – ₦940 - Wednesday, 1st January 2025
Public Holiday - Thursday, 2nd January 2025
Lowest: Dangote – ₦909
Highest: Pinnacle – ₦920 - Friday, 3rd January 2025
Lowest: Dangote – ₦910
Highest: Ardova – ₦930
The PMS market showed minor upward movement in prices by the end of the week, reflecting slight supply adjustments from key depots. Dangote remained consistent as the lowest-priced supplier throughout the week.
Automotive Gas Oil (AGO)
- Monday, 30th December 2024
Lowest: Dangote – ₦1,026
Highest: Africa Terminal – ₦1,200 - Tuesday, 31st December 2024
Lowest: Dangote – ₦1,026
Highest: Duport – ₦1,200 - Wednesday, 1st January 2025
Public Holiday - Thursday, 2nd January 2025
Lowest: MAO – ₦1,028
Highest: Bono – ₦1,200 - Friday, 3rd January 2025
Lowest: AA Rano – ₦1,028
Highest: Africa Terminal – ₦1,200
AGO prices remained largely stable throughout the week, with Africa Terminal consistently offering the highest rates. Slight increases in lowest prices were observed as the week progressed, attributed to logistical challenges post-holiday.
Liquefied Petroleum Gas (LPG)
- Monday, 30th December 2024
Lowest: Nipco – ₦1,112.5
Highest: Ardova – ₦1,117.5 - Tuesday, 31st December 2024
Lowest: 11 PLC – ₦1,112.5
Highest: Ardova – ₦1,117.5 - Wednesday, 1st January 2025
Public Holiday - Thursday, 2nd January 2025
Lowest: Navgas – ₦1,125
Highest: Techno Oil – ₦1,145 - Friday, 3rd January 2025
Lowest: Navgas – ₦1,125
Highest: Techno Oil – ₦1,145
LPG prices saw a notable increase from midweek, with Techno Oil recording the highest prices by Thursday and Friday. This shift is linked to increased demand following the New Year celebrations.
Aviation Turbine Kerosene (ATK)
- Monday, 30th December 2024
Lowest: Dangote – ₦1,088
Highest: Rainoil – ₦1,180 - Tuesday, 31st December 2024
Lowest: Dangote – ₦1,088
Highest: Rainoil – ₦1,180 - Wednesday, 1st January 2025
Public Holiday - Thursday, 2nd January 2025
Lowest: Dangote – ₦1,088
Highest: Rainoil – ₦1,180 - Friday, 3rd January 2025
Lowest: Dangote – ₦1,088
Highest: Rainoil – ₦1,180
The ATK market remained stable with no changes in depot prices across the week. Rainoil continued to dominate the high-price spectrum, while Dangote maintained its position as the most affordable supplier.
General Market Insights:
The week was characterised by stability across most categories despite minor price adjustments. The public holiday on Wednesday had minimal impact on supply chains. With global crude oil prices easing and the local currency strengthening, the market outlook suggests potential price reductions in the coming weeks.