Petroleum product prices at major Nigerian depots recorded a marginal decline on Thursday, August 1, 2025, driven by weakening demand and cautious buying behaviour from downstream marketers. Traders across Lagos, Warri, Port Harcourt, and Calabar reported price corrections averaging below 1%, largely attributed to reduced spot market activity and falling international crude benchmarks.
Market intelligence gathered from Petroleumprice.ng showed a drop in both Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices across multiple coastal terminals, as buyers delayed large-volume purchases in anticipation of further market softening.
Crude Oil Slide Triggers Market Watch
Industry sources confirmed that the price adjustments were closely linked to global oil price movement, as Brent crude fell below $70 per barrel during midweek trading. The bearish trend, combined with a cautious outlook from independent marketers, prompted depots to adjust ex-depot prices downward to stimulate buying.
A depot source noted:
“Marketers have paused bulk orders as they watch crude trends. Demand is weak, so depots are adjusting to avoid oversupply.”
Regional Depot Highlights
LAGOS DEPOTS
- MENJ (PMS): ₦870 → ₦860 (↓)
- AITEO (AGO): ₦1050 → ₦1035 (↓)
- IBETO (AGO): ₦1100 → ₦1050 (↓)
WARRI DEPOTS
- TAURUS (AGO): ₦1100 → ₦1090 (↓)
PORT HARCOURT DEPOTS
- MASTERS (PMS): ₦897 → ₦887 (↓)
- BULK STRATEGIC (AGO): ₦1150 → ₦1085 (↓)
Market Outlook
Though the price decline remains modest averaging less than 1% the movement signals a short-term shift in market psychology. Buyers, particularly retail station owners and wholesalers, are treading carefully, anticipating that further dips in crude may offer more favourable margins.
Analysts believe depot operators may continue adjusting prices until downstream demand regains momentum. A sustained drop in crude oil prices below the psychological $70 threshold could reinforce this trend, particularly as midstream players manage inventory risk.
However, industry insiders also caution that any supply chain shocks or exchange rate volatility could quickly reverse this easing, especially as refined product imports remain exposed to dollar-denominated pressures.
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