Nigeria’s fuel market saw significant price adjustments between 10th and 14th March 2025, reflecting increasing competition among depot operators and the impact of local refining capacity. Across key depots, including Dangote Refinery, Dockyard Axis, Coconut Axis, Satellite Axis, Port Harcourt, Delta, and Calabar, prices of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), and Aviation Turbine Kerosene (ATK) fluctuated, with notable declines in petrol and gas prices.
Dangote Refinery: Price Adjustments (10–14 March 2025)
- PMS: Opened at ₦833, closed at ₦825
- AGO: Opened at ₦1,028, closed at ₦1,033
- LPG: Opened at ₦822, closed at ₦817
- ATK: Opened at ₦1,035, closed at ₦1,025
Dockyard Axis: Depot Price Changes
PMS:
- Aiteo: Opened at ₦838, closed at ₦830
- Nipco: Opened at ₦835, closed at ₦832
AGO:
- Nipco: Opened at ₦1,030, closed at ₦1,035
- Aiteo: Opened at ₦1,035, closed at ₦1,025
LPG:
- Nipco: Opened at ₦827, closed at ₦822
- 11Plc (Mobil): Opened at ₦827, closed at ₦822
Coconut Axis: Fuel Price Movements
PMS:
- Bovas: Opened at ₦834, closed at ₦826
- MRS Tincan: Opened at ₦830, remained at ₦830
AGO:
- Ibeto: Opened at ₦1,033, closed at ₦1,030
- Africa Terminal: Opened at ₦1,035, closed at ₦1,033
LPG:
- Techno Gas: Opened at ₦835, closed at ₦820
ATK:
- Duport: Opened at ₦1,060, closed at ₦1,050
- Africa Terminal: Opened at ₦1,060, closed at ₦1,050
Satellite Axis: Weekly Price Adjustments
PMS:
- Wosbab: Opened at ₦834, closed at ₦830
- AA Rano: Opened at ₦830, closed at ₦831
AGO:
- First Royal: Opened at ₦1,032, closed at ₦1,020
- Menj: Opened at ₦1,030, closed at ₦1,018
LPG:
- Rainoil: Opened at ₦832, closed at ₦820
- AA Rano: Opened at ₦845, closed at ₦815
- PPMC: Opened at ₦830, closed at ₦820
Port Harcourt Depot: Price Fluctuations
PMS:
- Liquid Bulk: Opened at ₦864, closed at ₦854
- Sigmund: Opened at ₦862, closed at ₦855
- EVA: Opened at ₦862, closed at ₦855
AGO:
- Bulk Strategic: Opened at ₦1,047, closed at ₦1,046
Delta Depot: Opening and Closing Prices
PMS:
- Zamson: Opened at ₦858, closed at ₦855
- Matrix Warri: Opened at ₦858, closed at ₦855
- Sharon: Opened at ₦858, closed at ₦855
AGO:
- Prudent Oghara: Opened at ₦1,036, closed at ₦1,045
- Matrix Warri: Opened at ₦1,036, closed at ₦1,040
- Zamson: Opened at ₦1,033, closed at ₦1,031
- Pinnacle Warri: Opened at ₦1,033, closed at ₦1,044
LPG:
- Matrix Warri: Opened at ₦860, remained at ₦860
ATK:
- Matrix Warri: Opened at ₦1,070, closed at ₦1,060
Calabar Depot: Weekly Price Movements
PMS:
- Mainland: Opened at ₦874, closed at ₦860
- Fynefield: Opened at ₦880, closed at ₦860
- Soroman: Opened at ₦862, closed at ₦860
Market Insights: Competition Driving Price Reductions
The steady decline in depot prices suggests a more competitive market environment. The drop in PMS, LPG, and ATK prices across multiple depots highlights the impact of increased local refining capacity and improved fuel distribution networks.
Industry experts attribute these price adjustments to:
Growing influence of local refining, especially from Dangote Refinery
Increased market competition among depot operators
Stable crude oil supply through the naira-for-crude initiative
Implications for Fuel Consumers
The ongoing decline in depot prices could translate to lower pump prices at filling stations, offering relief to Nigerian consumers and businesses. However, price trends will continue to depend on exchange rates, global oil prices, and government regulations.
As market forces continue to shape fuel pricing, consumers can expect more competitive rates and potential further reductions in the coming weeks.