The Nigerian downstream petroleum market witnessed one of its sharpest price corrections in recent months during the week under review, with both Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) recording significant declines across Lagos, Warri, Port Harcourt and Calabar depots.
Checks by Petroleumprice.ng show that the steepest reductions occurred in Lagos, where independent marketers and importers aggressively cut prices following a sharp drop in international crude oil prices triggered by the proposed peace memorandum of understanding between the United States and Iran. The development briefly eased concerns over potential supply disruptions in the Middle East and pushed crude oil prices lower.
The correction filtered into Nigeria's downstream market, prompting Dangote Refinery to reduce its PMS and diesel ex-gantry prices. Independent depot owners and importers responded with even deeper cuts as competition intensified and operators rushed to clear inventories acquired at significantly higher costs.
Industry sources told Petroleumprice.ng that many marketers are prioritising stock evacuation over profit margins to avoid further losses in a falling market.
LAGOS DEPOTS
PMS (Monday – Friday Movement)
Aiteo: ₦1,240 → ₦1,161 (-₦79)
Bono: ₦1,246 → ₦1,165 (-₦81)
Integrated: ₦1,242 → ₦1,165 (-₦77)
Rain Oil: ₦1,243 → ₦1,165 (-₦78)
A.A. Rano: ₦1,240 → ₦1,165 (-₦75)
Aipec: ₦1,241 → ₦1,165 (-₦76)
Lagos remained the country's most competitive PMS market, with depot prices falling by as much as ₦81 per litre during the week.
AGO (Monday – Friday Movement)
African Terminal: ₦1,675 → ₦1,478 (-₦197)
Duport: ₦1,675 → ₦1,490 (-₦185)
Ibeto: ₦1,680 → ₦1,490 (-₦190)
MENJ: ₦1,680 → ₦1,495 (-₦185)
Emadeb: ₦1,680 → ₦1,495 (-₦185)
The diesel market experienced the steepest correction, with some Lagos depots cutting prices by nearly ₦200 per litre as operators accelerated stock liquidation and competed aggressively for buyers.
WARRI DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,270 → ₦1,190 (-₦80)
Prudent: ₦1,270 → ₦1,190 (-₦80)
Warri PMS prices mirrored the bearish sentiment seen in Lagos, with both depots recording identical declines.
AGO (Monday – Friday Movement)
Rain Oil: ₦1,695 → ₦1,635 (-₦60)
Optima: ₦1,680 → ₦1,635 (-₦45)
Danmarna: ₦1,685 → ₦1,634 (-₦51)
First Fortune: ₦1,683 → ₦1,634 (-₦49)
Edo Refinery: ₦1,690 → ₦1,625 (-₦65)
Nipco: ₦1,681 → ₦1,636 (-₦45)
Warri diesel prices weakened across all tracked depots, although declines remained less pronounced than those recorded in Lagos.
PORT HARCOURT DEPOTS
PMS (Monday – Friday Movement)
Sigmund: ₦1,274 → ₦1,200 (-₦74)
Matrix: ₦1,275 → ₦1,205 (-₦70)
AGO (Monday – Friday Movement)
Sigmund: ₦1,710 → ₦1,628 (-₦82)
Matrix: ₦1,712 → ₦1,630 (-₦82)
Port Harcourt also recorded
substantial declines, reflecting the broader downward trend across the national market.
CALABAR DEPOTS
PMS (Monday – Friday Movement)
Mainland: ₦1,284 → ₦1,187 (-₦97)
Mainland recorded the steepest PMS
reduction nationwide, shedding ₦97 per litre during the review period.
AGO (Monday – Friday Movement)
Fynefield: ₦1,695 → ₦1,636 (-₦59)
Calabar diesel prices also trended lower as market sentiment softened.
MARKET OUTLOOK
The sharp decline in depot prices was largely driven by the temporary easing of geopolitical tensions following the proposed U.S.-Iran peace framework, which triggered a sell-off in crude oil markets and reduced expectations of supply disruptions through the Strait of Hormuz.
Locally, Dangote Refinery's reduction in PMS and AGO ex-gantry prices accelerated the correction. Independent marketers and importers subsequently lowered prices further in a bid to attract buyers and move products purchased when international prices were significantly higher.
The Lagos market remains the most competitive, with several depots now pricing diesel below Dangote's ex-gantry level as operators seek to minimise inventory losses and maintain cash flow.
Looking ahead, depot prices will continue to be influenced by developments in the Middle East, international crude oil movements, vessel arrivals and domestic stock positions. While the recent collapse of U.S.-Iran talks has introduced fresh uncertainty into the market, current inventory levels and intense competition among suppliers suggest that downward pressure on prices could persist in the near term, particularly for diesel.