Nigeria’s downstream petroleum market closed the trading week ended Friday, January 23, 2026, on a mixed note, as depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) reflected supply-side speculation, delayed import licences, and uneven product availability across key coastal corridors.
Price movements between Monday, January 19, and Friday, January 23, 2026, were driven less by international crude oil dynamics and more by regulatory bottlenecks and market psychology, particularly surrounding import approvals and perceived risks to domestic supply.
Market Fundamentals: Import Licence Delays and Supply Speculation
Broadly, depot pricing during the review week was shaped by delays in the issuance of import licences, which constrained PMS and AGO availability in several regions. This created artificial tightness, especially outside Lagos, where only a handful of depots had access to products.
In Lagos, pricing behaviour was further influenced by speculation around a possible supply disruption at the Dangote Refinery. While no confirmed outage occurred, the perceived risk affected trader sentiment and prompted selective defensive pricing.
Lagos Depots: PMS Capped by Dangote Expectations, AGO Volatile
PMS Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| A.A Rano | 715 | 714 | -1 | ↓ |
| AITEO | 800 | 800 | 0 | → |
| Rainoil | 800 | 800 | 0 | → |
| Eternal | 800 | 800 | 0 | → |
| Shellplux | 725 | 725 | 0 | → |
Summary:
PMS prices in Lagos remained largely restrained despite isolated offers at higher levels elsewhere in the market. The key limiting factor was speculation around supply continuity from the Dangote Refinery, which prevented a broad-based PMS price fluctuations.
Although some depots priced PMS defensively on fears of a potential supply glitch, competitive pressure and expectations of ongoing domestic supply capped sustained price increases across Lagos.
AGO Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Tmdk | 910 | 910 | 0 | → |
| Ibeto | 910 | 910 | 0 | → |
| Ibachem | 910 | 909 | -1 | ↓ |
| Gulf Treasure | 910 | 911 | +1 | ↑ |
| Aipec | 908 | 915 | +7 | ↑ |
| A.A Rano | 911 | 915 | +4 | ↑ |
Summary:
AGO prices in Lagos were volatile during the week. Prices initially moved up on speculation that AGO import licences had been delayed, raising fears of diesel scarcity. However, as physical shortages failed to materialise and buying interest weakened, prices stabilised and, in some cases, eased slightly.
This push-and-pull reflected uncertainty rather than a fundamental supply squeeze.
Warri Depots: PMS Strength on Restricted Access, AGO Flat on Low Sales
PMS Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Matrix | 750 | 767 | +17 | ↑ |
| Optima | 752 | 765 | +13 | ↑ |
| Zamson | 751 | 765 | +14 | ↑ |
| A&E | 750 | 751 | +1 | ↑ |
Summary:
PMS prices in Warri strengthened notably as only a few depots had PMS volumes available, following delays in import licence approvals. The restricted access to product allowed active depots to command higher prices, pushing the corridor firmly bullish.
AGO Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Matrix | 945 | 945 | 0 | → |
| Nipco | 947 | 946 | -1 | ↓ |
| Edo Refinery | 955 | 955 | 0 | → |
Summary:
Despite constrained supply, AGO prices in Warri remained largely unchanged due to low diesel sales volumes. Weak offtake reduced upward pressure, keeping prices on a standstill throughout the week.
Port Harcourt Depots: PMS Softens, AGO Holds on Weak Demand
PMS Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Bulk Strategic | 779 | 774 | -5 | ↓ |
| Sigmund | 780 | 775 | -5 | ↓ |
Summary:
PMS prices in Port Harcourt edged lower as import licence delays limited availability, but subdued buying interest prevented aggressive price increases. Depot operators opted for cautious downward adjustments to stimulate loading activity.
AGO Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Bulk Strategic | 951 | 970 | +19 | ↑ |
Summary:
AGO prices in Port Harcourt were largely supported, despite weak sales, as controlled supply and limited imports kept diesel availability tight. This allowed prices to strengthen modestly even amid low transaction volumes.
Calabar Depots: PMS Supported by Thin Availability
PMS Movements (19 – 23 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Jenny | 777 | 774 | -3 | ↓ |
| Wabeco | 777 | 774 | -3 | ↓ |
Summary:
Calabar PMS prices were influenced primarily by very limited product availability, as import licence delays left only a few depots active. While prices eased slightly, the corridor remained supported by thin supply rather than strong demand.
Weekly Market Summary
| Region | PMS Trend | AGO Trend | Market Direction |
|---|---|---|---|
| Lagos | Flat–Low | Volatile | Competitive |
| Warri | Bullish | Flat | Constrained |
| Port Harcourt | Mild Decline | Firm | Balanced |
| Calabar | Weak–Supported | — | Thin |
Market Outlook
PMS and AGO prices are expected to remain sensitive to import licence approvals and clarity around domestic supply flows.
Until regulatory bottlenecks ease, speculative pricing and selective repricing are likely to persist, particularly in regions with limited access to products.