Nigeria’s downstream petroleum market continues to defy global signals as depot prices for both Automotive Gas Oil (AGO) and Premium Motor Spirit (PMS) remained firm, with Warri and Port Harcourt recording slight upward movements despite a 5 per cent drop in international crude oil prices.
Market data from Petroleumprice.ng today February 2, 2026, shows that while crude benchmarks softened, depot operators across major trading corridors adjusted prices cautiously, reflecting tight product availability, limited inflows and growing replacement-cost concerns.
AGO prices edge higher in Warri and Port Harcourt
For AGO, Warri depots recorded a modest upward adjustment. Edo Refinery maintained its price at ₦950 per litre, while Nipco, which sold at ₦946 last week, moved up to ₦950. Prudent Depot also quoted ₦950, bringing Warri prices to a uniform level.
This indicates that Warri AGO prices moved from ₦946–₦950 last week to ₦950 today, signalling firmer market sentiment driven by tightening stocks.
In Port Harcourt, the movement was more pronounced. While Sigmund sold AGO at ₦955 per litre last Friday, Bulk Strategic quoted ₦972 today, showing that Port Harcourt prices moved from ₦955 last week to ₦972, despite weaker crude prices.
In Lagos, AGO prices remained range-bound, with mild intraday adjustments. Ibeto moved from ₦920 to ₦917, Menj adjusted from ₦930 to ₦918, while Ibachem eased from ₦920 to ₦917, reflecting cautious but stable trading.
PMS prices firm across depots, with week-on-week adjustments
PMS prices also reflected firmness across key depots. In Port Harcourt, today’s prices showed Masters at ₦835 per litre and Bulk Strategic at ₦850. This compares with last Friday’s levels where Stockgap sold at ₦835 and Sigmund at ₦855. Today’s prices saw Sigmund now at ₦835, while Stockgap adjusted to ₦833, indicating selective downward corrections but overall price stability.
In Warri, PMS prices moved up slightly. On January 30, Zamson and Danmarna sold at ₦816 per litre. As of today February 2, both depots adjusted upward to ₦820, confirming that Warri PMS prices moved from ₦816 to ₦820 week-on-week.
Meanwhile, Lagos PMS prices remained relatively stable, with Nipco selling at ₦799 per litre and Aiteo at ₦797.
Tight supply, empty jetties keep market firm
Analysts say the firmness in depot prices, despite the 5 per cent drop in crude oil prices, is driven by physical market constraints rather than paper-market sentiment. Product stocks remain limited, import licences were only recently issued, and several jetties are currently inactive, with no confirmed vessel arrivals.
With empty jetties and delayed cargo inflows, depot operators are holding on to available volumes to manage replacement risks and protect margins. As a result, price movements have been cautious and largely upward in supply-constrained locations such as Warri and Port Harcourt.
Overall, the latest pricing trend reinforces a recurring reality in Nigeria’s downstream sector: depot prices continue to respond more to supply tightness and logistics than to movements in global crude oil prices, keeping the market firm across major trading hubs.