Nigeria’s downstream petroleum market recorded mixed depot price movements between Monday, August 10 and Friday, August 14, 2026, as PMS and AGO prices shifted across Lagos, Warri, Port Harcourt and Calabar. The latest weekly review by Petroleumprice.ng shows that while some depots raised their prices, others reduced their rates or held steady.
AGO recorded the strongest price movements during the week, particularly in Lagos and Warri, while PMS prices generally posted smaller adjustments. The contrasting movements across the four markets reflected differences in product availability, inventory costs, replacement values and competition among depot operators.
The market also traded against a changing international crude backdrop, with Brent moving from near $90 per barrel early in the week, falling towards $86 before recovering to around $87 by Friday. However, the weekly depot data shows that local supply and market conditions, rather than crude prices alone, remained the immediate drivers of depot pricing.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
Pinnacle: ₦1,165.50 → ₦1,175 (+₦9.50)
Pivot: ₦1,168 → ₦1,180 (+₦12)
Integrated: ₦1,165 → ₦1,179 (+₦14)
African Terminal: ₦1,165 → ₦1,180 (+₦15)
Bono: ₦1,168 → ₦1,180 (+₦12)
Ardova: ₦1,165 → ₦1,180 (+₦15)
Aiteo: ₦1,165 → ₦1,175 (+₦10)
Nipco: ₦1,166 → ₦1,170 (+₦4)
Lagos PMS prices moved upwards across all matched depots, although the increases remained relatively moderate. African Terminal and Ardova recorded the largest increases at ₦15 per litre, while Nipco posted the smallest movement at ₦4.
AGO (Monday–Friday Movement)
Pinnacle: ₦1,570 → ₦1,635 (+₦65)
Pivot: ₦1,580 → ₦1,650 (+₦70)
Duport: ₦1,600 → ₦1,650 (+₦50)
Integrated: ₦1,600 → ₦1,685 (+₦85)
African Terminal: ₦1,600 → ₦1,650 (+₦50)
Ibeto: ₦1,700 → ₦1,650 (-₦50)
Nipco: ₦1,580 → ₦1,650 (+₦70)
Wosbab: ₦1,580 → ₦1,720 (+₦140)
TMDK: ₦1,580 → ₦1,690 (+₦110)
AGO recorded a much wider price spread in Lagos. Wosbab posted the largest increase at ₦140 per litre, followed by TMDK at ₦110 and Integrated at ₦85, while Ibeto was the only matched depot to record a decline after its reviewed Friday price fell by ₦50.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Nepal: ₦1,210 → ₦1,205 (-₦5)
Matrix: ₦1,210 → ₦1,205 (-₦5)
Parker: ₦1,182 → ₦1,205 (+₦23)
Keneomax: ₦1,182 → ₦1,200 (+₦18)
Warri’s PMS market showed a split pattern, with Nepal and Matrix recording marginal ₦5 reductions, while Parker and Keneomax increased by ₦23 and ₦18 respectively. The divergence suggests that depot-level supply and inventory positions remained important alongside wider market conditions.
AGO (Monday–Friday Movement)
Rain Oil: ₦1,580 → ₦1,700 (+₦120)
Nipco: ₦1,580 → ₦1,700 (+₦120)
Zamson: ₦1,572 → ₦1,700 (+₦128)
The Warri AGO market recorded some of the strongest increases during the review, with Zamson rising by ₦128 per litre. Rain Oil and Nipco both increased by ₦120, pushing Friday prices to ₦1,700 per litre.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
Liquid Bulk: ₦1,190 → ₦1,197 (+₦7)
Sigmund: ₦1,190 → ₦1,197 (+₦7)
Bulk Strategic: ₦1,190 → ₦1,197 (+₦7)
Matrix: ₦1,195 → ₦1,205 (+₦10)
Port Harcourt recorded the narrowest PMS movement among the four markets, with the monitored depots posting increases of between ₦7 and ₦10 per litre. Matrix remained the highest-priced matched depot on Friday at ₦1,205.
AGO (Monday–Friday Movement)
Bulk Strategic: ₦1,600 → ₦1,720 (+₦120)
The only Port Harcourt AGO depot with matching Monday and Friday prices recorded a ₦120 per litre increase, taking Bulk Strategic to ₦1,720 per litre.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Hong Petroleum: ₦1,175 → ₦1,180 (+₦5)
Sobaz: ₦1,180 → ₦1,180 (₦0)
Fynefield: ₦1,180 → ₦1,180 (₦0)
Calabar remained comparatively stable, with Hong Petroleum recording a ₦5 increase while Sobaz and Fynefield maintained their Monday prices at ₦1,180 per litre.
MARKET OUTLOOK
The downstream market ended the week in a cautious mood, with depot prices showing relative stability in some locations despite sharp swings in the international crude market. Brent crude moved from close to $90 per barrel earlier in the week to around $86 before recovering to about $87, leaving traders with little certainty over where their next replacement cargo would be priced.
The unresolved Strait of Hormuz crisis is at the centre of that caution. Traders are still waiting to see whether the waterway will reopen fully and under what conditions, while the possibility of another disruption continues to raise fears of a fresh surge in crude and refined-product prices. For marketers holding existing inventories, the concern is straightforward: selling too cheaply today could mean having to replace the same volume at a much higher cost tomorrow.
That risk is increasingly shaping depot pricing, particularly for AGO. Some traders are holding firm or selling at a premium, not necessarily because current supply is tight, but because they want sufficient cover to replenish their stocks if international prices rise. The strategy reflects a more defensive market in which traders are protecting their margins and, more importantly, trying to avoid selling below replacement cost.
This caution was visible in the week’s AGO movements, with Wosbab and TMDK in Lagos, and Zamson, Rain Oil and Nipco in Warri recording notable increases. The market may therefore appear calm at the depot level, but underneath that stability, traders are clearly pricing for uncertainty around Hormuz and the possibility that the next cargo could cost considerably more.