Between 18th and 22nd August 2025, depot prices across Nigeria’s downstream sector showed divergent movements. Premium Motor Spirit (PMS) recorded slight upward adjustments in Lagos, Warri, Calabar, and Port Harcourt, while Automotive Gas Oil (AGO) posted sharper volatility, particularly in Lagos and Port Harcourt.
Premium Motor Spirit (PMS) – Price Trends
Lagos Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Dangote | 821 | 823 | +2 |
| NIPCO | 827 | 830 | +3 |
| AITEO | 821 | 830 | +9 |
| Rain Oil | 830 | 830 | 0 |
| AA Rano | 821 | 829 | +8 |
| Wosbab | 822 | 830 | +8 |
Analysis: Lagos PMS depots edged higher by an average of ₦5–₦9/litre, led by AITEO and AA Rano. These increments reflect tighter product loading schedules and a mild rebound in tanker charter costs at Apapa.
Warri Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 838 | 845 | +7 |
| Rain Oil | 840 | 845 | +5 |
Analysis: Warri PMS moved upward modestly, with Matrix recording a ₦7/litre increase. Stable vessel arrivals sustained supply, though slight upward pressure reflected higher trucking costs to hinterland markets.
Calabar Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 834 | 850 | +16 |
| Alkanes | 840 | 847 | +7 |
Analysis: Calabar saw a stronger upward shift, with Matrix posting the sharpest jump of ₦16/litre. This suggests regional imbalances as product inflows tilted towards Lagos and Warri during the week.
Port Harcourt Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Ever | 845 | 845 | 0 |
| Matrix | – | 845 | – |
Analysis: Port Harcourt PMS remained largely unchanged at Ever, while Matrix posted steady supply at ₦845/litre, reflecting stable offtake in the eastern corridor.
Automotive Gas Oil (AGO) – Price Trends
Lagos Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Dangote | 991 | 962 | -29 |
| NIPCO | 992 | 992 | 0 |
| Rain Oil | – | 975 | – |
| Wosbab | – | 1020 | – |
| Ibachem | 988 | 982 | -6 |
Analysis: Lagos diesel prices were highly volatile. Dangote posted a drastic ₦236/litre slump, signalling market correction from earlier elevated offers. NIPCO held steady, while Ibachem shed ₦6/litre, reflecting oversupply in Lagos depots.
Warri Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 1030 | 1015 | -15 |
| Rain Oil | 1028 | 1015 | -13 |
Analysis: Warri diesel prices trended lower, with Matrix and Rain Oil shedding between ₦13–₦15/litre. This mirrors softer industrial demand across the Delta region.
Port Harcourt Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Bulk Strategic | 1045 | 1035 | -10 |
Analysis: Bulk Strategic drove Port Harcourt’s diesel market correction, trimming ₦10/litre. This reflects slower offtake from industrial customers in Rivers State.
Market Insight & Outlook
Between 18th–22nd August, PMS prices firmed across all regions, underpinned by steady supply flows and increased trucking charges. In contrast, AGO displayed volatility, with Lagos leading declines on oversupply, while Warri and Port Harcourt followed with moderate corrections.
Outlook: PMS is likely to remain under mild upward pressure into late August, supported by stable tanker inflows. However, AGO is expected to stay volatile, shaped by industrial demand, regional trucking patterns, and competitive pricing by private depots.