Nigeria’s downstream petroleum market closed the third full trading week of January 2026 on a moderately low footing, as depot prices for Premium Motor Spirit (PMS) weakened across major coastal corridors, while Automotive Gas Oil (AGO) prices eased modestly following multiple price reviews by Lagos-based depot operators.
According to depot-level data tracked by Petroleumprice.ng, price movements between Monday, January 12, and Friday, January 16, 2026, were driven largely by intensifying competition, improving product availability, and selective repricing, rather than external crude oil market pressures.
Market Fundamentals: Why Prices Are Low
Broadly, depot prices are moderately low due to domestic supply dynamics rather than global oil price shocks. Improved evacuation from coastal depots, steady inflows from private refinery-linked volumes, and cautious buying behaviour by marketers combined to weaken wholesale pricing.
Repeated price reviews by key depot operators particularly in Lagos reset market expectations, forcing competitors to reprice inventories defensively to protect loading volumes.
Lagos Depots: PMS Mixed, AGO Trends Bearish
PMS Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Pinnacle | 702 | 702 | 0 | → |
| A.A Rano | 715 | 715 | 0 | → |
| Shellplux | 710 | 723 | +13 | ↑ |
| Nipco | 726 | 780 | +54 | ↑ |
| Rainoil | 800 | 800 | 0 | → |
| Eterna | 800 | 800 | 0 | → |
Summary:
Lagos PMS prices remained broadly mixed. While Pinnacle anchored the lower end of the market, upward reviews at Shellplux and Nipco reflected inventory replacement costs rather than a structural market rebound. Overall sentiment remained cautious amid ample supply.
AGO Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Ibeto | 915 | 910 | -5 | ↓ |
| Ibachem | 915 | 910 | -5 | ↓ |
| African Terminal | 915 | 911 | -4 | ↓ |
| Integrated | 915 | 911 | -4 | ↓ |
| Obat | 914 | 911 | -3 | ↓ |
| Wosbab | 920 | 913 | -7 | ↓ |
| Nipco | 915 | 915 | 0 | → |
Summary:
AGO prices in Lagos weakened gradually as several depots issued “price reviewed” notices. Despite fluctuating crude oil prices.
Warri Depots: PMS Weak, AGO Resilient
PMS Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Optima | 752 | 752 | 0 | → |
| Danmarna | 751 | 751 | 0 | → |
| Zamson | 751 | 751 | 0 | → |
| Matrix | 785 | 751 | -34 | ↓ |
Summary:
Warri PMS prices trended bearish, with Matrix recording the sharpest decline of the week. Improved regional availability and competitive pricing continued to weigh on the corridor.
AGO Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Edo Refinery | 955 | 955 | 0 | → |
| Matrix | 945 | 947 | +2 | ↑ |
| Aym Shafa | 940 | 940 | 0 | → |
Summary:
Despite PMS weakness, AGO prices in Warri remained relatively supported, remain static due to limited AGO stocks at depots.
Port Harcourt Depots: Mild PMS Decline, Firm AGO
PMS Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Bulk Strategic | 794 | 779 | -15 | ↓ |
| Sigmund | 790 | 780 | -10 | ↓ |
Summary:
Port Harcourt PMS prices adjusted lower as supply improved and competitive pressure from Lagos-sourced volumes intensified.
AGO Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Bulk Strategic | 954 | 956 | +2 | ↑ |
Summary:
AGO prices remained firm in Port Harcourt, supported by controlled supply and steady industrial demand.
Calabar Depots: Volatile PMS on Thin Trading
PMS Movements (12 – 16 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Sobaz | 787 | 770 | -17 | ↓ |
| Dozzy | 787 | 768 | -19 | ↓ |
| Soroman | 787 | 790 | +3 | ↑ |
Summary:
Calabar PMS prices showed sharper swings, largely reflecting thin liquidity and limited trading depth rather than fundamental market weakness.
Weekly Market Summary
| Region | PMS Trend | AGO Trend | Market Direction |
|---|---|---|---|
| Lagos | Mixed–Low | Mildly Bearish | Competitive |
| Warri | Bearish | Stable–Mixed | Weak |
| Port Harcourt | Mild Decline | Firm | Balanced |
| Calabar | Volatile | — | Thin |
Market Outlook
PMS prices are expected to remain weak to stable in the coming week as depot operators continue to compete aggressively amid improving availability. AGO prices may stabilise near current levels unless diesel demand weakens materially or replacement costs ease further.