This week’s analysis of petroleum product prices at depots reveals important insights into potential price movements for the coming week (December 2-9). The data indicates steady trends in prices across different products, with slight fluctuations observed. Below are the projected average prices based on this week’s pricing data:
Premium Motor Spirit (PMS):
Lowest Price: ₦976 (Dangote on Friday)
Highest Price: ₦1007 (Rainoil on Monday)
Projected Average: ₦991.33
Automotive Gas Oil (AGO):
Lowest Price: ₦1043 (MENJ and Duport on Monday and Tuesday)
Highest Price: ₦1220 (Integrated on Thursday)
Projected Average: ₦1087.33
Liquefied Petroleum Gas (LPG):
Lowest Price: ₦1080 (Dangote on multiple days)
Highest Price: ₦1150 (MRS Dockyard on multiple days)
Projected Average: ₦1115.83
Aviation Turbine Kerosene (ATK):
Lowest Price: ₦1120 (Dangote on multiple days)
Highest Price: ₦1215 (various suppliers on multiple days)
Projected Average: ₦1197.33
Price Movements and Key Insights
PMS: Prices remained relatively stable with a slight drop observed towards the week’s end. Dangote consistently offered competitive pricing, while Gulf Treasure and Rainoil maintained higher price points.
AGO: Aiteo showed stable pricing on the lower end, while Integrated exhibited volatility, with a significant spike on Thursday.
LPG: Prices remained steady throughout the week, with Dangote offering the most competitive rates.
ATK: Prices showed little fluctuation, indicating possible long-term contracts or fixed supply agreements.
Short-Term Implications
Demand-Supply Dynamics: The commencement of operations at the Port Harcourt Refinery may lead to improved supply and possible price reductions.
Consumer Relief: Stable supply could result in a marginal reduction in retail prices, benefiting consumers.
Risks: Calibration delays at the refinery or logistical challenges could keep prices elevated temporarily.